Vietnam, Australia deepen trade ties

Over the past two decades, the two-way trade has expanded 8.6 percent, much higher than the average growth rate of 5.8 percent between Australia and other ASEAN countries. (Photo: VNA)

The Governments of Vietnam and Australia on December 21 announced their enhanced economic engagement strategy, and set out a roadmap to boost bilateral trade and investment ties.

In a media release, Australian Minister for Trade, Tourism and Investment Dan Tehan welcomed the strategy as the foundation for Vietnam and Australia’s effort to double investment and become top ten trading partners.

“Australia and Vietnam have complementary economies - we are partners more than competitors. Our supply chains are becoming more closely entwined, meaning together we are exporting to markets around the world,” he said.

“The implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and boost our trade and investment relationship, especially in key areas such as education, resources, agriculture, manufacturing and digital economy.”

The minister said as both our countries emerge from the pandemic and begin their economic recovery, the strategy presents tremendous opportunities for both nations.

For his part, Vietnam’s Minister of Planning and Investment Nguyen Chi Dung noted “success in achieving the common objectives of the Strategy will further enhance the economic position of Vietnam and Australia, contributing to the safety, security and shared prosperity of the Asia-Pacific region”.

Statistics show that over the past two decades, the two-way trade has expanded 8.6 percent, much higher than the average growth rate of 5.8 percent between Australia and other ASEAN countries.

Trade between Vietnam and Australia reached some 14.6 billion AUD (10.4 billion USD) last year./.