Vietnam, Australia eye closer ties in economy, trade, investment

Deputy Prime Minister Pham Binh Minh suggests Australia give Vietnamese passion fruit access to its market in his reception for visiting Australian Minister of Trade, Tourism and Investment Dan Tehan in Hanoi on July 13. (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Pham BinhMinh wished that Vietnam will become one of Australia’s ten largest trade partnersand vice versa at a reception for visiting Australian Minister of Trade,Tourism and Investment Dan Tehan in Hanoi on July 13.

Welcoming Tehan, Minh spoke highly of Australia’sresponse to COVID-19 and its adaptation to the “new normal,” resulting ineconomic recovery and heightened position at the international stage.

He expressed his delight at the strong development of theVietnam-Australia strategic partnership in multiple fields, particularly economy,trade and investment - the focus of the bilateral strategic partnership.

He cited that two-way trade rocketed by more than 40 percent year on year inthe first half of 2021.

Deputy Prime Minister Pham Binh Minh (right) hosts a reception for visiting Australian Minister of Trade, Tourism and Investment Dan Tehan in Hanoi on July 13. (Photo: VNA)

Given that both countries are signatories to theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)and the Regional Comprehensive Economic Partnership (RCEP), he hoped thatVietnam and Australia will be among ten largest trade partners of each other.

The Deputy PM suggested Australia give Vietnamese shrimpballs and passion fruit access to its market while showing Vietnam’s interestin importing ore, coal, iron and steel, and rare earth from the country.

He also appreciated Australia’s role in the Asia-Pacificregion and its stance in maintaining the regional peace, security andstability, particularly in the East Sea, in line with international law and theUN Convention on the Law of the Sea (UNCLOS) 1982.

He moved on to thank the Government of Australia for supportingVietnam in its roles as ASEAN Chair 2020 and a non-permanent member of the UNSecurity Council and pledging to provide the Southeast Asian nation with 40million AUD (29.9 million USD) and 1.5 million doses of COVID-19 vaccine AstraZeneca to aid its COVID-19 fight. He hoped for Australia’s continued supportfor COVAX vaccine-sharing facility and for poor and developing countries toaccess COVID-19 vaccine supply.

Also pleased to see the growing bilateral ties, MinisterTehan said Australia is committed to cooperating with Vietnam in tacklingchallenges from the pandemic.

He asked the Government of Vietnam to back the Australia-VietnamEnhanced Economic Engagement Strategy (EEES) and continue fostering thebilateral trade and investment relations, with the focus placed on foodsecurity, water resources and high technology.

Tehan is on his first visit to Vietnam, one of the destinationsduring his two-week tour of five countries, also including Singapore, theRepublic of Korea, Japan and the US. These are Australia’s important partners,accounting for around one fourth of its goods and service export turnover./.

VNA