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Jul 02, 2021 / 20:14

Australia boosts economic opportunities with Vietnam

Strengthening trade relations will create more jobs and opportunities for Australia and Vietnam.

The Australian Government has provided AUD2.5 million (nearly US$2 million) to fund 28 small-scale projects with an aim of bolstering business cooperation between the two sides in the fields of agriculture, education, digital technology application to small- and medium-sized enterprises’ supply chains.

One kilo of Vietnamese fresh lychees is sold for US$2,254 at a special auction in Perth City of West Australia. Photo: VNA

The funding under the Australia-Vietnam Enhanced Economic Engagement Grant (AVEG 2021) pilot program includes nearly AUD100,00 (US$78,000) to scale up the technology of organic food production and certification as well as expand trade between the two countries.  

In addition, an amount of AUD56,000 (US$45,000) will be earmarked to enhance the capacity of 20 female entrepreneurs in Vietnam while another AUD95,000 (US$75,000) will help 300 Australian businesses grow and diversify their exports and supply chains to the Vietnamese market.

Australian Minister for Trade, Tourism and Investment Dan Tehan said Australia is working with Vietnam to grow the bilateral trade, aiming to double the two sides' investment and make both to be listed in the top ten trade partners of each other.

“Strengthening trade relationships will create more jobs and opportunities in both countries,” Australian Minister Tehan said. “These grants are part of our early harvest activities to support Australian businesses to engage with Vietnam.”

According to the Australian Minister, over the past 20 years, the Vietnam-Australia two-way trade turnover has grown on average by 8.6% each year.

“The Australian Government is committed to further strengthening our economic relationship with Vietnam and unlocking opportunities for Australian businesses,” he said.