Vietnam, Australia promote trade, investment partnership

AVBC President Kiem Dinh speaks at the a conference in Sydney on June 23. (Photo: VNA)

Sydney – The Australia-Vietnam Business Council (AVBC) held a conference in Sydney on June 23 to promote trade and investment partnerships through the strengthening of the Australia-Vietnam Enhanced Economic Engagement Strategy that was reached between the two countries in late 2021.

Addressing the event, which drew nearly 100 businesses from a variety of sectors, AVBC President Kiem Dinh said that the conference marked a commitment from Vietnam and Australia to promote their partnership in many areas, heading to sustainable and inclusive economic growth in both countries.

He said that in 2022, the AVBC and its members are focusing on implementing activities as part of the strategy.

For his part, Vietnamese Consul General in Sydney covering New South Wales, Queensland and South Australia Nguyen Dang Thang affirmed that Vietnam-Australia relations are growing based on the foundation of mutual respect, common interest and similar viewpoints on international issues.

In terms of economy, both sides have committed to working for an open international trade system, which has prompted them to join regional trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said.

The strategy, which was signed by the two PMs during their meeting on the sidelines of the 26th UN Climate Change Conference in Glasgow (COP26), sets a target of turning Vietnam and Australia into mutual top 10 leading partners and doubling two-way trade, said Thang, highlighting eight major areas that both sides should focus on to bolster their trade ties, including education-training, science-technology and innovation, and the digital economy.

Thang said that in the first five months of 2022, trade between the two countries reached a record 9 billion AUD (6.22 billion USD), up 32.18 percent year on year.

Meanwhile, investment cooperation value between the two sides reached over 3.5 billion AUD (2.45 billion USD), with Australia’s investment accounting for about 75%, he said, adding that Australia has always been among the 20 biggest investors in Vietnam.

He suggested that in the future, both sides can further increase their trade revenue by trading more traditional goods such as seafood and agricultural products, minerals, garments, footwear and construction materials, while expanding to other products with comparative advantages in the global market.

He expressed his belief that with a stable socio-political environment, a favourable legal framework, improved infrastructure and a population of nearly 100 million people, of which 70% are young people and educated, Vietnam will soon become a popular destination for Australian investors.

Businesses at the event held that it is a good time for both sides to promote their business and investment ties on the foundation of the vision and the plan to implement the strategy. They also highlighted the high potential of bilateral cooperation in many areas, from agriculture, construction and finance-banking, to environmental services and healthcare through the exploitation of each other’s strengths and heading to the global market.