Vietnam and Australia boost economic co-operation

Australian Prime Minister Scott Morrison, second right, with business representatives at a meeting in Ha Noi. - VNA/VNS Photo Van Diep

The meeting was attended by Chairman of the Vietnamese Entrepreneurs Association (VEAS) in Sydney Nguyen Ba Luan along with experts and business people from both Vietnam and Australia.

Luan, who is also the Chairman of TMS Group, said Vietnamese businesses in Australia are inheriting knowledge, experience, advanced management and modern technology to develop through international-level projects which have great socio-economic significance.

“We hope the governments of Vietnam and Australia to create a more favourable investment environment to encourage us to develop,” Luan said.

Since Vietnam and Australia enhanced their relationship to the strategic partnership level in March 2018, the two countries have made rapid, real and effective development steps, in economic, trade and investment cooperation.

Vietnam is currently Australia's fourth largest partner in ASEAN, while Australia is Vietnam’s seventh largest trading partner.

Last year, the trade turnover between the two countries reached US$7.712 billion, up 19.3 per cent year-on-year, in which Vietnam's exports to Australia reached nearly $4 billion, up 20.9 per cent and imports from Australia reached more than $3.7 billion, up 17.8 per cent.

By the end of June, Australia had nearly 460 investment projects with a total value of more than $1.86 billion, ranking 20th in 131 countries and territories investing in Vietnam. Meanwhile, Vietnam also had 53 direct investment projects in Australia with a total value of more than $247 million.

At the meeting, Luan introduced his TMS Group, which has affiliates and offices nationwide and in some regional countries including Australia and Japan, employing almost 7,000 people.

He said in an effort to become a reputable real estate developer, pioneering the development of the sustainable urban ecosystem, TMS Group has successfully developed three project including TMS Hotel Da Nang Beach, TMS Hotel Quy Nhon and TMS Grand City Phuc Yen.

“In the future, we will develop a series of hotels, resorts, entertainment complexes and golf courses in many provinces and cities in Vietnam,” Luan said.

VEAS was established in February last year, gathering Vietnamese businesses and entrepreneurs living and settling in Sydney. In recent years, VEAS is one of the bridges contributing to promoting co-operation among businesses of the two countries.