Vietnam, Australia promote trade ties
Sydney (VNA) – The total import-export turnover
between Vietnam and Australia reached a record of 14 billion AUD (10 billion USD) in the first 10 months of this year, an increase of 50 percent over the same period
last year.
The figure was revealed by Nguyen Dang
Thang, Vietnamese Consul General in New South Wales, South Australia and
Queensland while addressing a business forum held by South
Australia-Vietnam Business Council on November 29. It aimed at introducing
opportunities and potential for trade with Vietnam to the Australian business
community as well as promoting bilateral investment.
Thang attributed the above-mentioned result to the great efforts
of businesses of both sides, adding that the bilateral trade turnover between
Vietnam and Australia continue to grow even in the difficult time of the
COVID-19 pandemic.
He called on Vietnamese and Australian
enterprises to make full use of the potential and available opportunities to raise
bilateral trade turnover to a new height in the context that the pandemic has been
better controlled.
He said that the two-way investment turnover between the two
countries has increased significantly, worth about 2.5 billion USD.
However, according to Thang, this number is still modest
compared to the potential of the two countries. He believed that investment between Australia and Vietnam
will mark a new milestone, doubling two-way investment as set by the goal of
the strategy to strengthen the economic integration of two sides if opportunities
were utilised.
The Consult General affirmed that he will support the South
Australia - Vietnam Business Council and Australian businesses wishing to learn
about the Vietnamese market.
Participants at the forum held that Vietnam is one of
the most potential markets for investment and trade. The cohesion between the
two countries, accompanied by advantages that new-generation multilateral trade
agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), has increased the interest of Australian businesses in the Vietnamese market.
John Ellis, Director of International Markets at the South Australian
Trade and Investment Authority, said Vietnam's investment
environment is open and the Vietnamese government always creates favourable
conditions for foreign investors.
The promotion of investment cooperation will bring benefits
not only to Australia but also to Vietnam, he said, noting that the two countries need to further expand market for each other's goods.
Echoing his view, Ly Hoang Duy, director of 4 Ways Fresh
Company, an enterprise specialising in the field of trade and agricultural
production in Australia and an importer of fresh agricultural products from
Vietnam, expressed his wish to be able to import more fruits from Vietnam to
Australia. Duy suggested the two governments should speed up discussion, further promote commitments and increase import licencing in order
to expand the market to each other./.