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Vietnam, Australia promote trade ties

Vietnam, Australia promote trade ties

The total import-export turnover between Vietnam and Australia reaches a record of 14 billion AUD (10 billion USD) in the first 10 months of this year. (Photo: VNA)   

NDO/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.

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