At an event to promote Vietnamese longan in Australia on November 28, 2011 (Photo: VNA) Long noted that Australian investment overseas reached 600 billion USD in 2020, accounting forover 1.5 percent of total FDI in the globe.
Meanwhile, Vietnam, with advantages in young and low-costworkforce as well as abundant natural resources, has been one of the mostpopular destination for investors in the world, he said.
Meanwhile, Vietnam, with advantages in young and low-costworkforce as well as abundant natural resources, has been one of the mostpopular destination for investors in the world, he said.
Mentioning main reasons why Australian investment in Vietnam has yet to meet the potential and expectations, he pointed to a lack of information on and experience of the Vietnamese market among Australian investors.
At the same time, Australia’s strong areas such as financialservice, security and education have just developed in Vietnam in recent years,he said, adding that Australian investors are still worried aboutshortcomings of the investment and business environment in Vietnam, including alow level of transparency.
Long recommended that Vietnam should make full use ofsupport from Australia and partners to further improve the country’s investmentand business environment, enhance governance capacity and speed upadministrative reform, and increase the human resource quality. More effortsshould be made to strengthen dialogue with investors and foster connectionsbetween Vietnamese firms and their foreign peers, he added.
At the same time, Australia’s strong areas such as financialservice, security and education have just developed in Vietnam in recent years,he said, adding that Australian investors are still worried aboutshortcomings of the investment and business environment in Vietnam, including alow level of transparency.
Long recommended that Vietnam should make full use ofsupport from Australia and partners to further improve the country’s investmentand business environment, enhance governance capacity and speed upadministrative reform, and increase the human resource quality. More effortsshould be made to strengthen dialogue with investors and foster connectionsbetween Vietnamese firms and their foreign peers, he added.
On December 21, 2021, the Vietnamese and Australian Governments announced the Enhanced Economic Engagement Strategy, with the aim of becoming top ten trade partners of each other and doubling bilateral investment.
Last year, two-way trade exceeded 12.4 billion USD, up 49.45 percent year on year, making Vietnam the 12th largest partner of Australia and Australia the 10th biggest of Vietnam.
Australia is the 19th biggest foreign investor in Vietnam, with most projects in processing-manufacturing, accommodation and restaurant services, construction, real estate, agro-fisheries, health care, mining, entertainment and education-training./.
Last year, two-way trade exceeded 12.4 billion USD, up 49.45 percent year on year, making Vietnam the 12th largest partner of Australia and Australia the 10th biggest of Vietnam.
Australia is the 19th biggest foreign investor in Vietnam, with most projects in processing-manufacturing, accommodation and restaurant services, construction, real estate, agro-fisheries, health care, mining, entertainment and education-training./.
VNA
