Vietnam, Australia look to beef up economic cooperation

Sunday, October 10, 2021  19:55

Vietnamese Minister of Planning and Investment Nguyen Chi Dung (Photo: VNA)

Hanoi (VNA) - Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade, Investment and Tourism Dan Tehan shared the hope that the Australia-Vietnam Enhanced Economic Engagement Strategy in 2021-2025 will be launched  this year.

In a joint communique issued after the second Vietnam-Australia Economic Partnership Meeting (EPM) which took place virtually on October 8, the two ministers said the strategy will consolidate the two countries' joint commitment to trade liberalization and economic connectivity.

The strategy recognizes huge two-way business opportunities across sectors, including agriculture, energy and resources, manufacturing, tourism and hotel, education and professional services, and technology and digital economy, and focuses on measures to speed up post-pandemic economic recovery, according to the statement.

The ministers assessed that the Vietnam-Australia strategic partnership and the action plan signed between the two sides have provided a further boost to the realisation of the shared aim of becoming top ten trade partners and doubling investment.

They also welcomed the many Australian and Vietnamese corporations that were proactively pursuing investment projects in both countries.

The Ministers discussed the important contribution that Australia-Vietnam development cooperation and broader economic partnership had made to supporting Vietnam’s reform agenda and economic growth, particularly in light of the global economic downturn caused by the COVID-19 pandemic.

They noted the success of the Partnerships for Recovery Vietnam COVID-19 Development Response Plan in supporting a healthy, cohesive and resilient Vietnam, which includes Australia’s commitment to share approximately 5.2 million COVID-19 vaccine doses with Vietnam, of which over 700,000 have already been delivered.

On the occasion, the two ministers announced the appointment of Business Champions to promote further two-way trade and investment links. The Business Champions are industry leaders who will promote trade and investment opportunities to business communities in Vietnam and Australia. These are honorary positions appointed for an initial one-year term.

The Business Champions are  TH Group, Vietcombank , and Hoa Phat Group of Vietnam, and Aurecon Corporation, RMIT University and SunRice Group of Australia.

As of the end of August, Australia is the 10th largest trading partner, 18th export market and 8th largest import market of Vietnam.

In terms of investment cooperation, Australia ranks 19th out of 141 countries and territories having investment projects in Vietnam. The country is one of the largest non-refundable official development assistance (ODA) partners for Vietnam./.

VNA