1. The number of Australian visas will decrease sharply in 2023 - 2024

As the change in Australian visa quota that the government has announced in the financial year 2023-2024 will reduce 5000 slots (specifically from 195,000 to 1,9000 sslots). And especially the 188 visa decreases sharply in the group of Australian immigrant visas. Detail:

From the above data, up to now, the target for Australia's Business Innovation and Investment Visa is only 1,900 slots for foreign applicants, down 62% compared to last year. The reason for the sharp decline in the 188 visa group is because the government wants to attract specialized skills groups and add high-quality human resources to the Australian labor market.

The Department is currently working with the States and Territories to finalize the nomination allocation for the 2023-24 program year. Allocations for each jurisdiction will be announced after a decision is made.

Investors can refer to the 2022-2023 State and Territory Nominee Distribution below to select the appropriate province when applying for an investment visa. 

2. Potential for Vietnamese businessmen to invest and settle in Australia

Booming since 2012, the Australian immigration program has attracted many entrepreneurs in Vietnam. According to updated information from the Australian Department of Home Affairs, Vietnam ranks 3rd in the world in terms of the number of businessmen residing in Australia. In total, from 2016 to September 2021, 3,594 Vietnamese businessmen and their relatives settled in Australia under the 188 and 888 visa categories. In particular, the number of Vietnamese businessmen migrating to Australia in 2020-21 reached 1,314 people, three times the number of the previous year.

This is a country that is assessed to have a market with great potential for development:

• For 26 consecutive years, Australia has been a country without an economic recession, something that is almost impossible to find in any other economy.

• Ranked 5th in the world for economic freedom, Australia's effective business frameworks make it easy for multinationals to set up economic activities.

• Australia's economy is the 13th largest in the world and is rated AAA by all three global rating agencies.

• The average annual GDP growth rate is 2.8% – the highest among developed economies in the world.

• Ranked 7th in the world for global entrepreneurship, with around 45% of Australian companies operating in innovation.

• High-skilled country, where more than 40% of the workforce has a university degree; culturally diverse and multilingual. They have the skill level to drive innovation and growth for businesses.

• Economic sectors are growing with high productivity, with 15 out of 20 ranked above the world average.

Although the number of 188 visas has decreased sharply in recent two years, the attraction of the Australian market to Vietnamese investors has never decreased, which is reflected in the record increase in the number of applications: 13,500 registrations.

3. What investors need to do before the risk of "losing the seat" to get Australian permanent residence through the investment stream.

According to experts, the Australian government will give priority to the skilled category to solve the labor shortage due to the impact of the recent pandemic. This means that those who are interested in the 188 Australian immigration program will find it more difficult to get Australian permanent residency through investment. 

Before information about 188 visa decreasing, iCanfield advices you should prepare your application and decide to submit it as soon as possible. The 1,900 Business Innovation and Investment slots for the next financial year will likely run out very quickly. 

Please contact iCanfield – The leading prestigious immigration consultant via hotline 028 3822 0285 for more advice on application documents for visa 188 to settle in Australia quickly!