An overview of Australia-Vietnam Policy Institute Conference 2024 VNA/VNS photo

ADELAIDE – The Australia-Vietnam Policy Institute (AVPI) Conference 2024 was held in Adelaide, South Australia, on October 17, under the theme of “Embracing transition, transformation and trust: Exploring the future of the Australia-Vietnam relationship”.

The event brought together over 130 delegates who are esteemed experts and scholars specialising in Việt Nam-Australia relations, as well as representatives from the two countries’ businesses. They discussed and explored emerging opportunities while analysing the importance of building and maintaining trust, and identifying solutions to enhance bilateral cooperation across all sectors, contributing to their development and prosperity in the coming time.

They reviewed significant progress in bilateral relations over the past year and explored how Australian businesses, investors, and organisations can leverage the opportunities brought about by the upgrade of ties between Việt Nam and Australia to a comprehensive strategic partnership in March.

Regarding Việt Nam's economic outlook, participants agreed that the export-oriented manufacturing sector, strong domestic demand, and increasing global economic integration have become key factors turning Việt Nam into one of the fastest-growing economies in Southeast Asia.

They also analysed the dynamics behind Việt Nam's GDP growth and explored its development direction, including necessary reforms, global conditions, and market factors to ensure future growth.

Talking to the Vietnam News Agency’s reporters on the sidelines of the conference, AVPI co-founder Layton Pike said that Việt Nam has achieved remarkable economic successes in recent years, marked by continuous high GDP growth and improved living standards. The country's ongoing economic integration, facilitated by foreign policy linkages, plays a crucial role in attracting more foreign direct investment and helping it manage the challenges of developing its own industries and economy.

A crucial factor for achieving this is the development of human resources and the establishment of more specialised universities in Việt Nam will be vital for the country's long-term development as it transitions to a middle-income and subsequently a high-income nation, Pike said, advising it to pursue its domestic economic reform agenda and international integration.

Regarding Australia-Việt Nam relations, he stated that the bilateral relationship is at an all-time high and holds great promise for optimism in the future.

Dr. Le Thu Huong, Chair of the AVPI Advisory Board, noted that Việt Nam is on a strong economic growth trajectory, showing stable and impressive growth compared to other regional countries.

She stated that Việt Nam is seeing many opportunities ahead as in the current context of geopolitical tensions and increasing trade competitions which have disrupted global supply chains, Việt Nam has managed to assert its position and successfully attract investment.

The policies of "bamboo diplomacy" and "befriending all countries" have greatly benefited Việt Nam's economy, Huong assessed.

Leigh Howard, CEO of Asialink Business at the University of Melbourne and a member of the AVPI Advisory Board, stated that Việt Nam's economic outlook remains strong, driven by demographics, a growing digital economy, renewable energy transition, and strategic trade partnerships.

Growth opportunities exist in clean energy, technology, and manufacturing. However, one of the challenges facing Việt Nam is to navigate the headwinds of the global economy, supply chain disruptions, and to promote the necessary legal reforms to continue opening up and modernising its economy.

Giving a positive assessment of the prospects for Việt Nam-Australia relations, he noted that the bilateral relationship will further develop thanks to shared economic interests in key areas such as renewable energy, agriculture, and education. VNA/VNS