Vietnam-Australia to further boost trade and investment ties

Vietnam's consulate-general in Australia Nguyễn Đăng Thắng speaks with participants at the event. — VNA/VNS

SYDNEY (Vietnam News/Asia News Network): More than a hundred businesses from Việt Nam and Australia gathered for a trade and investment promotion event organised by the Australia Vietnam Business Council (AVBC) in Sydney, Australia.

Speaking at the event, AVBC President Kiếm Đinh said the Australia-Vietnam Enhanced Economic Engagement Strategy, signed in December last year, reaffirmed the two countries' commitment to strengthening ties and sustainable economic development.

Vietnam's consulate-general in Australia Nguyễn Đăng Thắng said Vietnam-Australia relations have been built on a foundation of mutual respect and understanding, common interests and similar views on international events.

The two countries have been and will stay committed to an open trading system and have ratified a number of regional and international trade agreements including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

As the two countries' premiers met on the side of the 2021 United Nations Climate Change Conference (COP26), they reiterated a bilateral goal to strengthen trade and investment, especially in the fields of energy, agriculture, forestry, seafood, manufacturing, tourism, digital economy and science and technology.

In the first five months of the year, export-import turnover between the two countries reached a record high of AUD$9 billion (US$6.22 billion), a 32.18 per cent increase from the same period last year despite severe disruptions in global commerce because of the pandemic.

Two-way investment reached AUD$3.5 billion (US$2.45 billion) with more than 75 per cent coming from Australian businesses, placing the Oceania economy among Vietnam's top 20 international investors.

Thắng said Vietnam welcomes Australian businesses to join the South-East Asian economy in its push for modernisation and economic development.

Business representatives said it's time the business communities from the two countries explored more trade and investment opportunities and realised the vision set in the Australia-Vietnam Enhanced Economic Engagement Strategy.