Vietnam hopes for sustainable economic ties with Australia

Deputy Prime Minister Truong Hoa Binh called for Australian and Vietnamese businesses to foster their trade and investment partnership, at a meeting with an Australian delegation on June 12.

Deputy Prime Minister Truong Hoa Binh (R) shakes hands with Craig Chittick from Australia (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Truong Hoa Binh called for Australian and Vietnamese businesses to foster their trade and investment partnership, prioritizing cooperation, in human resources, infrastructure, high technology, wind power and renewable power from waste.

Addressing a meeting in Hanoi on June 12 with an Australian delegation attending the Australia-Vietnam Investment and Trade Expo, the Deputy PM said that Vietnam hopes for Australian firms’ affiliation in exporting and distributing Vietnam’s farm and aquatic products to Australia.

He noted that Vietnam and Australia have become important partners in all fields, including defence-security, economic-trade, education, science-technology, as well as at regional and international multilateral forums.

The two countries have passed partnership programmes for trade, security and renovation, he said.

Economy-trade is the most developed area in bilateral partnership, he said, pointing that last year, two-way trade reached 5.26 billion USD, up 6.5 percent over 2015. As of the end of March 2017, Australia has 396 projects in Vietnam with1.82 billion USD, ranking 19th out of 116 countries and territories investing in the country.

Deputy PM Binh held that education and tourism are promising cooperation areas for the two sides. Currently, about 30,000 Vietnamese students are studying in Australia, he said, adding that Vietnam is a popular destination among Australian tourists, while the number of Vietnamese visiting Australia is on the rise.

Highlighting Vietnam’s efforts to continue improving the business and investment environment to enter ASEAN’s leading group, he stressed the importance of the private and foreign-invested sectors to the country’s economic growth and competitiveness.

Vietnam’s National Assembly is mulling over the Law on Support of Small and Medium-sized Enterprises, thus backing the firms’ development, said the Deputy PM.

Meanwhile, Enda Stankard from Moelis Investment Fund said that the Australian delegation’s attendance in the Australia-Vietnam Investment and Trade Expo aims to foster cultural and trade exchanges between the two countries. The delegation held meetings with many authorized agencies with Vietnam, he said.

Stankard stated that more Australian enterprises are interested in Vietnam’s green and renewable energy from waste and copyright.

At the same time, many Vietnamese businesses are investing in Australia in agriculture, mining, and skilled labour export, he added. -VNA

VNA