South Australia’s Deputy Premier Visits Vietnam

On April 22, 2009, South Australia’s Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal / State Relations Kevin Foley visits Vietnam to promote closer economic cooperation and strengthen political ties. His visit is a prelude to the opening of South Australia’s trade office in Ho Chi Minh City in May. South Australia is the first Australian state to establish such an office.

 

Mr Foley meets with senior Vietnamese Government officials, senior Australian trade officials and representatives of major South Australian companies doing business in Vietnam.

 

“Vietnam is the second fastest growing economy in Asia and presents many investment and business opportunities for South Australian companies”, said Mr Foley. There are export opportunities in the education, building and construction, food and beverage, tourism, health and other sectors. Adelaide is considered Australia’s “Learning City” and the number of Vietnamese students coming to South Australia has increased by 78 per cent since 2002. “I also note with interest Vietnam’s rapidly increasing wine consumption and the opportunity this presents to companies from our renowned wine regions”, added Mr Foley.

 

South Australian products are perceived as high quality by Vietnamese consumers and the State’s geographical proximity means suppliers can be more responsive to market needs. Over recent years Vietnam has emerged as a major trading partner with South Australia, rising to 11^th as an export destination in 2007 - 2008.

 

Two way trade between Vietnam and South Australia is worth around AUD 320 million. South Australia’s main exports to Vietnam were being copper, malt, lead, wheat and imports prawns, cashews, electric motors and furniture from Vietnam.