Regarding its economy and key industries, Victoria is located in southeastern Australia and is home to a population of more than seven million people. Its capital, Melbourne, serves as Australia's leading financial, educational and cultural centre. Although it is Australia's second smallest state by land area, Victoria boasts one of the country's most dynamic economies, making a substantial contribution to national GDP and playing a significant role in Australia's overall economic growth. In 2025, the state's economy continued to maintain stable growth, supported by modern infrastructure, a transparent investment environment and the strong performance of key sectors including financial services, international education, high technology and the creative industries. Victoria's economy is underpinned by a robust knowledge-based ecosystem, with strengths in banking and finance, biotechnology, information technology, logistics, advanced manufacturing and clean energy. Looking ahead, Victoria continues to strengthen its position as a global innovation hub by advancing digital transformation, artificial intelligence (AI), biomedical technology, financial technology (fintech), the green economy and smart city development. Melbourne—consistently ranked among the world's most liveable cities—hosts numerous multinational corporations, leading research institutions and a vibrant start-up ecosystem.
Former Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc presents a commemorative model of the Ho Chi Minh City People's Committee headquarters to Mr Danny Pearson. Photo: Tuoi Tre Newspaper
Over the years, cooperation between Ho Chi Minh City and Victoria has achieved substantial and meaningful outcomes in education, trade, investment and people-to-people exchanges. Many universities, research institutions and enterprises from Victoria have expanded practical cooperation with Vietnam in areas such as high-quality human resource development, digital transformation, healthcare, technology and clean energy. Investment promotion activities, business forums and educational cooperation programmes have been organised on a regular basis, providing an important platform for strengthening bilateral economic connectivity and fostering sustainable partnership between the two sides.
Looking toward the future, as Ho Chi Minh City advances its vision of becoming an international financial centre, an innovation hub and a smart city in Southeast Asia, the city seeks to strengthen strategic partnerships and attract investment from Victoria in the following five priority areas:
Finance, Banking and Fintech: Promote cooperation in financial infrastructure development, share expertise in financial market operations, attract major investment funds and financial institutions, and advance financial technology solutions and digital banking services.
High-quality Education and Scientific Research: Expand international-standard educational partnerships with leading universities, promote academic exchanges, develop high-quality human resources and strengthen technology transfer.
Digital Technology, Artificial Intelligence (AI) and Innovation: Encourage Victoria's technology enterprises to invest in Ho Chi Minh City's innovation ecosystem while promoting AI applications and core digital technologies to support comprehensive digital transformation.
Biomedical Technology and Advanced Healthcare: Promote investment cooperation in biomedical manufacturing, facilitate the transfer of advanced technologies in biopharmaceuticals and medical equipment, and support the development of high-tech healthcare infrastructure.
Renewable Energy, Logistics and Smart Cities: Enhance cooperation in digital urban governance, renewable energy development, circular green economy initiatives, and the optimisation of logistics infrastructure and smart supply chain systems.