Vietnam takes synchronous measures to draw Australian capital: official
Hanoi (VNA) – Vietnam will continue with synchronous measures to attract
foreign investment effectively, especially from Australia, said deputy
head of the Ministry of Planning and Investment (MPI)’s Foreign Investment
Agency (FIA) Vu Van Chung at the Vietnam-Australia Investment Forum held in
Hanoi on April 17.
The
event was held by the MPI in collaboration with the Australian Embassy in
Vietnam and the Australian Trade and Investment Commission (Austrade).
As of
March, Australia poured 1.99 billion USD into 593 valid projects in Vietnam, accounting for 0.4% of the country's total foreign direct investment and ranking 20th out of
143 countries and territories investing in the Southeast Asian nation, mostly
in manufacturing and processing, lodging and accommodation,
agro-forestry-fisheries, said the FIA.
During
2021-2022, two-way trade rose by roughly 40% to 33 billion AUD, with Australia’s
exports to Vietnam surging 50% to 20.5 billion AUD year-on-year. Australia
is also assisting Vietnam in coping with climate change and achieving net zero emissions
by 2050.
Chung
said in the short-term, Vietnam will renew its mindset, fine-tune mechanisms
and policies on foreign investment, step up three strategic breakthroughs
regarding mechanisms, infrastructure and human resources while propelling development
based on sci-tech and innovation.
All policies and regulations are aimed for international
standards, he said, adding that Vietnam’s sustainable development and FDI
attraction are for the success of businesses, with a win-win approach for all
parties.
Deputy
Minister of Planning and Investment Nguyen Thi Bich Ngoc said both sides need
to continue upholding the role and effectiveness of the Vietnam-Australia
Economic Partnership Meeting, which is an important channel for economic
exchange and cooperation between the two countries, creating favourable
conditions for their businesses to operate effectively.
The MPI vows to offer all possible support to foreign
investors, including those from Australia, to do business effectively and
sustainably in Vietnam, she said.
Senator
Don Farrell, Australian Minister for Trade and Tourism, said enhancing
cooperation with Vietnam is a priority of the Australian Government, through
diversifying trade and investment links and building the Southeast Asia
Economic Strategy till 2040. Vietnam brings important trade and investment
opportunities in the next decades, he added.
With two
in-depth discussions on value chain and investment environment in Vietnam,
representatives from the two countries’ businesses and management agencies discussed
issues related to agriculture, food, education, logistics, renewable energy and
technology.
Since their diplomatic ties were set up 50 years ago, the
strategic partnership between Vietnam and Australia has been developing
strongly, substantively and effectively in various areas. During 2022-2023, the
Australian Government increased its official development assistance to Vietnam
by 18%, from 78.9 million AUD to 92.8 million AUD. Two-way trade hit
15.7 billion USD last year, up 26.9% from 2021.
Significant progress has also been seen in education-training, sci-tech, innovation, agriculture and
rural development, labour and transportation./.