Economic Profile and Key Industries, ith a population of more than eight million, New South Wales (NSW) is Australia's economic powerhouse and a key gateway linking the Asia–Pacific region. Its capital, Sydney, is the country's premier financial centre. In 2025, NSW continued to record the largest Gross State Product (GSP) in Australia, contributing approximately 30% of the nation's GDP, supported by world-class infrastructure and a transparent investment environment. The State possesses a highly developed knowledge- and service-based economy. Its principal industries include financial services and insurance, with Sydney serving as the headquarters of Australia's major banking institutions and the Australian Securities Exchange (ASX); mining, particularly coal and critical minerals exports; agriculture and agribusiness, including wheat, livestock, and legumes; as well as information technology, education, and international tourism. Under its current development strategy, New South Wales is strengthening its position as a global innovation hub through investments in renewable energy, a low-carbon economy, artificial intelligence (AI), financial technology (fintech), and smart city development across Sydney, Newcastle, and Wollongong.
Former Secretary of the Ho Chi Minh City Party Committee Nguyễn Văn Nên receives Her Excellency Margaret Beazley, Governor of New South Wales, Australia. Photo: Vietnam News Agency
Cooperation with Ho Chi Minh City, over the years, cooperation between Ho Chi Minh City and New South Wales has delivered substantial outcomes across economic development, trade, energy, science and technology, and tourism.The State is home to globally recognised universities, including the University of Sydney and UNSW Sydney, which play leading roles in scientific research, innovation, and the development of highly skilled human resources.Recent cooperation initiatives have strengthened collaboration between innovation centres, supported start-ups and small and medium-sized enterprises (SMEs), and promoted cross-border infrastructure and investment projects, thereby enhancing Ho Chi Minh City's global competitiveness.
Looking toward the future, as Ho Chi Minh City accelerates its development into an International Financial Centre and a regional innovation hub in Southeast Asia, the City seeks to deepen strategic cooperation and attract investment from New South Wales in the following priority areas:
Finance, Banking, and Financial Technology (Fintech): Promote cooperation in financial infrastructure development, facilitate knowledge sharing on financial market operations, attract major financial institutions and investment funds, and advance digital banking and fintech solutions.
Quality Education and Human Capital Development: Expand partnerships with leading universities, strengthen academic exchanges, promote joint scientific research, and facilitate technology and innovation transfer.
Digital Technology, Innovation, and Entrepreneurship: Encourage investment by New South Wales technology enterprises in Ho Chi Minh City's innovation ecosystem, with a focus on artificial intelligence (AI), digital transformation, and core technology solutions.
Smart Logistics and Urban Infrastructure: Enhance international logistics infrastructure, promote digital infrastructure management, and develop sustainable smart city solutions.
High-Tech Agriculture and Renewable Energy: Strengthen cooperation in high-value agricultural supply chains, attract investment in advanced agri-food production, and promote renewable energy technologies and low-carbon circular economy solutions.