Australian businesses interested in agritech in Vietnam

Illustrative image (Source: VNA)

Sydney – Local businesses in Australia’s New South Wales (NSW) have shown their interest in joining the agricultural technology as well as food and beverage sectors in Vietnam – a promising market in their eyes.

Vietnam’s fast and sustainable growth over the past many years has made the market attractive to companies in NSW, said Karla Lampe, Director for International Engagement & Market Development at NSW Treasury at an online conference held this week to explore business opportunities in Vietnam.

She said that the advantages in population and the increase in the middle-income people have created more trade and investment opportunities for Australian firms.

Lampe said that Vietnam is currently the ninth largest trade partner of NSW, stressing that NSW businesses place agritech, food and beverage at the top priority for investment in Vietnam.

Meanwhile, Rebecca Ball, Australian Deputy Consul-General in Vietnam and Cambodia said that Vietnam’s attention to agritech development is a great chance for Australia to engage in the market.

According to Ball, Australia can help Vietnam improve farming productivity, water resources, animal feeds and pest management, and origin trace through introducing effective agricultural solutions, thus responding to challenges in food security and food safety.

In the first quarter of 2021, Australia’s export revenue of farm produce from Vietnam increased 44 percent year on year, she noted, adding that Vietnam is likely to become the fifth biggest export market of Australian agricultural products in the end of 2021 from the current eighth position.

At the event, representatives from numerous of successful businesses in Vietnam and Australian agencies shared their experience and answered questions regarding Vietnamese agritech, food and beverage sectors.