Vietnamese expat in Australia proud of homeland’s economic achievements
Boasting huge potential in the areas of technology and services, Vietnam is well-positioned to develop into a strong economy with international influence, said Harry Hoang OAM, President of the Vietnamese Business Association and Chairman of the Vietnamese People Association in Canberra.
Harry Hoang OAM (left), President of the Vietnamese Business Association and Chairman of the Vietnamese People Association in Canberra, in an interview with a Vietnam News Agency correspondent in Australia (Photo: VNA)
Sydney (VNA) – Harry Hoang OAM, President of the Vietnamese Business Association and Chairman of the Vietnamese People Association in Canberra, has expressed pride in the homeland’s economic progress over the past eight decades since gaining independence.
Talking to the Vietnam News Agency ahead of the National Day (September 2), Hoang, who received the Medal of the Order of Australia (OAM) from the Governor-General of Australia for his significant contributions to the community, highlighted that Vietnam's GDP has doubled over the past 10 years, despite four years of disruption caused by the COVID-19 pandemic.
He said that the decisive turning point came with “Doi moi” (renewal), shifting Vietnam from a centralised and subsidised economy to one that actively promotes the private sector, which contributes more than 50% to the nation’s GDP. Party General Secretary To Lam also made it clear that the private sector is a driving force of the economy.
Hoang emphasised that economic growth has improved the quality of life for the people through better infrastructure and services. He expressed his belief that boasting huge potential in the areas of technology and services, Vietnam is well-positioned to develop into a strong economy with international influence.
Education and innovation, he said, are other spearheads of the economy over the past 80 years, adding that administrative reform, administrative unit mergers, and national standardisation will facilitate business operations, particularly for startups. The efforts demonstrate Vietnam’s readiness for transformation into a large economy and for international reach.
Although challenges are on the horizon, innovative policies will help Vietnam drive the development of the private sector, he underscored.
Looking ahead, he expressed his hope that Vietnam will diversify its development pathways and choices. Advocating the Vietnam – Australia partnership, Hoang noted that Australia is home to many successful investment funds with deep knowledge and good impression of the Vietnamese market. He said he wishes more Australian funds will come to Vietnam to engage in the country’s innovation ecosystem and private economy.
﷽ Additionally, he suggested Vietnam increase foreign trade activities, particularly those related to education, technology, and culture, which match its development strategies./.
The hosts affirmed that Vietnam - Australia relations are at their strongest stage since the upgrade to the Comprehensive Strategic Partnership, marked by high political and strategic trust.
Vietnam has proven adaptability, proactivity, and creativity over eight decades, while demonstrating resilience to sustain growth, said Dr. Le Thu Huong, Chair of the Australia-Vietnam Policy Institute's Advisory Board.
Renee Deschamps, Chargé d'Affaires of the Australian Embassy in Vietnam, has affirmed that Vietnam is an important country to Australia, not just a trading partner.
Vietnam is ready to deepen economic cooperation with the Association of Southeast Asian Nations (ASEAN), China and other partners, embracing a strategy of “harmonised interests and shared risks” as it leverages its fast-growing economy and market of over 100 million people.
Tay Ninh, Nghe An and Quang Tri provinces have strategic locations and significant cooperation potential, said Nguyen Thi Thai Binh, Minister-Counsellor at the Vietnamese Embassy, expressing confidence that with creativity and determination, these provinces and their Korean partners will find ample opportunities for productive collaboration.
Jointly organised by the Vinexad National Trade Fair and Advertising JSC and Yorkers Exhibition Service Vietnam, the event features 1,200 booths of more than 650 exhibitors from 20 countries and territories, including Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Singapore, Switzerland, Thailand, and the US.
Public investment should serve as a key driver of growth, acting as seed capital to catalyse and mobilise all social resources, thereby fostering economic expansion, creating jobs and livelihoods, and improving the material and spiritual well-being of the people, PM Pham Minh Chinh stated.
An official of the Foreign Trade Agency laid stress on the foundational role of rules of origin in international trade, highlighting the importance of capacity building for enforcement officers in the context of deep international integration.
Against the backdrop of the growing comprehensive strategic partnership between Vietnam and Russia, the promotion and export of Vietnam’s agricultural products not only diversify supply sources for the Russian market but also help enhance the brand values and competitiveness of Vietnamese enterprises in the market that remains untapped.
International trade is no longer merely an exchange of goods but a strategic lever enabling Vietnamese enterprises to enhance capacity, secure partnerships, and expand globally.
In the first eight months of 2025, Vietnam’s total trade value reached nearly 600 billion USD, up 16.3% year on year. Of this, exports stood at 306 billion USD, a 14.8% increase, already surpassing the full-year target.
Vietnam aims to maintain macroeconomic stability, control inflation below the target, achieve growth of 8.3-8.5%, ensure major economic balances, surpass budget revenue estimates by 25%, and control public debt, government debt, foreign debt, and budget deficit.
Reaffirming Vietnam’s commitment to foreign investors, Finance Minister Nguyen Van Thang said government policies always aim to ensure transparency, fairness and a mutually beneficial environment that promotes innovation and safeguards investor rights, making Vietnam a sustainable and long-term investment destination.
The State Bank of Vietnam must launch an official gold price information portal, study the establishment of gold exchanges, and issue guiding documents to implement the Government’s decree on the management of gold trading activities.
According to the World Bank Group, Vietnam will need approximately 368 billion USD in investment for climate adaptation and carbon reduction projects by 2040. Yet, as of the end of 2024, green credit accounted for just 4.5% of the country’s total outstanding loans.
Amidst robust digital transformation across all sectors, the food processing industry has tapped such digital technologies as Internet of Things, AI, blockchain and Big Data to optimise production process, control supply chain, and meet consumers’ demands.
The French side pledged to share technical guidelines and safety standards, with the Institute for Radiological Protection and Nuclear Safety (IRSN) ready to provide training for Vietnamese specialists.
Vietnam now has more than 940,000 private enterprises and over 5 million household businesses, contributing approximately 50% of GDP, over 30% of state budget revenue, and employing 82% of the national workforce.
Businesses underlined the need for expanding green credit and non-collateral concessional loans for circular agriculture projects, facilitating their participation in national key projects, and fostering alliances among Vietnamese enterprises as well as cooperation with regional partners.
State-owned Vietcombank currently leads the banking system with total assets exceeding 85 billion USD and a market capitalisation of over 20 billion USD, while maintaining strong financial safety indicators. Its non-performing loan ratio remains the lowest in the sector at 0.97%.
