Over the past two decades, the two-way trade has expanded 8.6 percent, much higher than the average growth rate of 5.8 percent between Australia and other ASEAN countries. (Photo: VNA) In a media release, Australian Minister for Trade,Tourism and Investment Dan Tehan welcomed the strategy as the foundation for Vietnamand Australia’s effort to double investment and become top ten tradingpartners.
“Australia and Vietnam have complementary economies -we are partners more than competitors. Our supply chains are becoming moreclosely entwined, meaning together we are exporting to markets around the world,”he said.
“The implementation of the Economic EngagementStrategy will unlock mutually beneficial opportunities and boost our trade andinvestment relationship, especially in key areas such as education, resources,agriculture, manufacturing and digital economy.”
The minister said as both our countries emerge fromthe pandemic and begin their economic recovery, the strategy presentstremendous opportunities for both nations.
For his part, Vietnam’s Minister of Planning andInvestment Nguyen Chi Dung noted “success in achieving the common objectives ofthe Strategy will further enhance the economic position of Vietnam andAustralia, contributing to the safety, security and shared prosperity of theAsia-Pacific region”.
Statistics show that over the past two decades, thetwo-way trade has expanded 8.6 percent, much higher than the average growthrate of 5.8 percent between Australia and other ASEAN countries.
Trade between Vietnam and Australia reached some 14.6billion AUD (10.4 billion USD) last year./.
VNA
