If 3 percent of 26.9 million Vietnamese farming households engage in aquaponics model, they will together make it a potential market valued at more than 403 million AUD.
The figure is based on the assumption that each household makes an investment of 500 AUD (385.6 USD), Dr Wilson Lennard, head of the international consulting firm Aquaponic Solutions, made the calculation at a seminar in Sydney on November 2.
The seminar was held by the Australia Vietnam Business Council (AVBC), discussing aquaponics potentials in Australia and Vietnam.
Lennard said Australia, beginning its study of the model in early 2000s, has developed plans to build commercial aquaponics systems, while Vietnam and many APEC member economies are yet to pay attention to it.
He said the model holds potential to become a key industry in Vietnam, as it will create jobs, boost growth, and ensure food security and safety.
AVBC President Laurence Strano said the Vietnamese and Australian economies have supplemented each other to propel bilateral trade over the past 26 years.
The AVBC and Vietnamese Government have sealed a number of agreements in aquaponics and large-scale aquatic farming, he added.
Strano expressed his hope to host Prime Minister Nguyen Xuan Phuc at a Vietnam – Australia business forum during his trip to Australia to attend the ASEAN-Australia Special Summit in March 2018.
Formed in 1996, the AVBC aims to promote the development of trade, commerce and investment between Australia and Vietnam and to facilitate communications and co-operation among its members, friends and governments.