An increase in Australian investment is anticipated to flow into Vietnam following the advancement of the Vietnam-Australia relationship to a comprehensive strategic partnership.
During a meeting with Deputy Prime Minister Tran Hong Ha on March 28, Corio Generation, a portfolio company of Macquarie Asset Management, expressed its interest in Vietnam’s offshore market potential.
In the beginning of last month, the company entered into a Memorandum of Understanding (MoU) with Power Generation JSC 3, a subsidiary of Vietnam Electricity. The MoU outlines collaboration in formulating long-term strategies for offshore wind project development.
Corio has been involved in the research and development of renewable energy projects in Vietnam since 2019. As a member of the Glasgow Financial Alliance for Net Zero, the company is partnering with other entities to mobilize resources for energy transition projects in Vietnam.
Corio Generation is one of several Australian investors eager to expand their presence in Vietnam following the significant enhancement of the Vietnam-Australia relationship.
David Whitehead, chairman of agrifood group Mavin Group, an Australian-invested enterprise headquartered in Hanoi, is optimistic about the prospects for both Australian and Vietnamese businesses to enhance trade and investment for mutual benefit.
“In the future, we plan to streamline our business operations, enhance our research and development capabilities, expand our digitalization initiatives, and focus on export potential, while promoting our circular agriculture model within Vietnam,” Whitehead said. “Although the post-pandemic period has posed challenges for businesses, companies like Mavin have demonstrated adaptability and resilience in adversity, paving the way for a sustainable future.”
Since its inception in Vietnam in 2004, Mavin has invested $100 million with total assets exceeding $250 million. Mavin’s plans include consolidating its assets, reducing manufacturing costs, and exercising caution in further investments in 2024.
Additionally, there is a promising outlook for Australian financial firms seeking expansion into Vietnam. Whitehead added that Australian investors can capitalize on opportunities to strengthen their presence in Vietnam and contribute to the strengthening of bilateral relationships.
