Illustrative market (Source: VNA)

HCM City (VNA) – The Trans-Pacific Partnership (TPP) agreement will open up great trade and investment opportunities for Vietnamese and Australian businesses, a business leader said at a workshop in Ho Chi Minh City on May 11.

Deputy Chairman of the city’s Union of Business Associations (HUBA) Pham Ngoc Hung said Vietnam is currently benefiting from a preferential tariff scheme which Australia applies for ASEAN member countries under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

However, when the TPP officially comes into effect, Vietnamese businesses will enjoy greater favourable conditions in accessing the Australian market, he added.

A representative from Australia’s Victoria State authorities said Vietnamese businesses can invest in some of the state’s potential areas such as construction-real estate, finance, and beauty care service.

He noted local authorities will also provide special supporting programmes and treatments when Vietnamese businesses invest in certain sectors, such as pharmaceuticals and pharmaceutical equipment, green energy, international education, and food.

According to the Vietnam Trade Office in Australia, export turnover of the Southeast Asian country to Australia is modest compared to the Australian market’s demands.

Bilateral trade between the two countries reached 1.2 billion USD in the first quarter of this year, of which Vietnam shipped 635 million USD worth of goods to Australia and spent more than 560 million USD on Australian goods.-VNA