Vietnam, Australia eye stronger bilateral trade ties
In 2022, two-way trade turnover increased by nearly 27% from the previous year to $15.7 billion.
Fulfilling the Vietnam-Australia Enhanced Economic Engagement Strategy (EEES) is key to promoting bilateral relations, Prime Minister Pham Minh Chinh said on April 17.
|Vietnam's Prime Minister Pham Minh Chinh (right) received the Australian Minister of Trade and Tourism Don Farrell on April 17. Photo: Nhat Bac/VGP
The Vietnamese government leader urged the agencies of both countries to carry out the tasks outlined in the strategy, which was launched in December 2021.
At a meeting with Australian Minister for Trade and Tourism Don Farrell, PM Chinh said that better bilateral trade relations will encourage more Vietnamese exports to Australia, providing jobs and income for Vietnamese citizens in the face of global turmoil.
He expected the two countries to intensify cooperation in tourism, high-tech agriculture, digital economy, innovation, and technology.
Chinh also hoped the Australian minister would promote cooperation initiatives to strengthen and develop bilateral ties.
"I hope Australia will help Vietnam develop a self-reliant, highly integrated, and highly efficient economy, focusing on innovation and technology, human resources development, and management and governance," he said.
Prime Minister Chinh also urged local and national authorities in Australia to support Vietnamese immigrants already living there.
He also praised Australia for its contributions to the world's peaceful and stable development, post-pandemic socio-economic recovery and improved standing in the international community.
The Vietnamese Prime Minister also acknowledged Australia's contribution to Vietnam's socioeconomic development, particularly in preventing the outbreak of Covid-19.
Minister for Trade and Tourism Don Farrell said Vietnam is an important trading partner for Australia, and the Vietnamese community in Australia is the key to promoting bilateral relations.
Vietnam is expected to play a more critical role in diversifying Australia's network of trade partners, Minister Don said.
The Australian official hoped that the two countries would strengthen relations in all fields and Vietnam would be the bridge that promotes relations between Australia and ASEAN and CPTPP member countries.
The Australian Minister for Trade and Tourism, Don Farrell, and the Vietnamese Minister for Industry and Trade, Nguyen Hong Dien, agreed on April 17 to finalize a Memorandum of Understanding (MoU) soon to strengthen cooperation at the ministerial level.
|Garments produced and exported by May 10 JSC. Photo: Khắc Kiên/The Hanoi Times
To discuss possible ways to increase bilateral trade, they coincided in holding a ministerial-level discussion, the first of its kind this year.
The two ministers also reaffirmed their commitment to supporting the World Trade Organization (WTO) in developing a global trade framework.
Dien and Don also recognized the importance of free trade agreements to which both Vietnam and Australia are parties, such as the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Indo-Pacific Economic Framework for Prosperity (IPEF).
The two ministers also agreed that the two nations must address issues related to the 2050 net-zero emissions target and developing the digital economy and supply chains. They also reaffirmed the importance of joint efforts to support each other in responding to climate change and energy transition.
After signing the Paris Peace Accords, Vietnam and Australia established diplomatic relations on February 26, 1973. In March 2018, the two countries inked a strategic partnership agreement.
In early April 2023, Vietnamese President Vo Van Thuong and Australian Governor-General David Hurley agreed to upgrade the two countries' bilateral ties to a comprehensive strategic partnership in the future.
In 2010-2022, the trade turnover between Vietnam and Australia rose by an average of 14% per year. In 2022, two-way trade increased by nearly 27% year-on-year to US$15.7 billion. Vietnam exported US$5.6 billion worth of products to Australia, up 26% year-on-year.
Australia was Vietnam's seventh-largest trading partner, whereas Vietnam was Australia's tenth-largest trading partner. Agriculture, footwear, electronics, textiles, and apparel were among the top Vietnamese exports to Australia.
The growth of the Southeast Asian nation has been aided by investment from Australia.
Telstra, RMIT, ANZ, Bluescope Steel, Allens, BHP, Austal, Midway Metals, Linfox, Aurecon, Blackstone Minerals, Blueleaf Energy, and SunRice are some of the Australian companies that have invested in the country.
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