Vietnam, Australia target 10 billion USD in trade in 2020

Update: 07:59 | 25/08/2019

Vietnam and Australia on August 23 agreed to raise bilateral trade from nearly 7.8 billion USD in 2018 to 10 billion USD next year. The consensus was reached during the talks in Hanoi between Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison, who is paying an official visit to Vietnam from August 22-24. 

The two leaders said although Australia’s investment in Vietnam is remarkable, with nearly 500 projects and combined investment capital exceeding 2 billion USD, the countries still hold a lot of potential and strength in this regard.

The two sides, therefore, concurred to build an enhanced economic engagement strategy with the aim of becoming top ten trade partners and doubling investment.

Vietnam, Australia, trade  cooperation, bilateral trade,  Australia’s investment,  investment capital, economic engagement strategy, two-way connectivity

The talks between Vietnamese Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison in Hanoi on August 23.

They will also push ahead with the first ministerial-level Vietnam-Australia economic partnership meeting to further boost the bilateral relations in trade, investment and development cooperation.

The sides will step up two-way connectivity, expand collaboration in energy security and seize digital opportunities, including digital economy and e-government.

PM Phuc hailed Australia to send a delegation of top businesses to Vietnam in 2020.

PM Morrison agreed to facilitate market access for Vietnamese aquatic and agricultural products, saying Australia is considering the import of Vietnamese live shrimp and fresh longan.

The two sides took note of the effective and result-oriented cooperation in national defence and security, especially Australia’s assistance to Vietnam in joining United Nations peacekeeping operations.

The PMs are scheduled to engage in an exchange with Vietnamese peacekeeping forces being trained by the Australian side at the Military Medical University during PM Morrison’s visit.

PM Phuc suggested the two sides expand partnerships in potential spheres like defence industry, cyber security and training connectivity.

PM Morrison agreed to enhance bilateral security cooperation, covering navigation and cyber security, and join hands in fighting cross-border crimes, human trafficking and terrorism.

PM Phuc welcomed Australia’s announcement that from September 2 this year, Australia will increase the number of Work and Holiday Maker visa places for Vietnamese nationals from 200 to 1,500.

Vietnam, Australia, trade  cooperation, bilateral trade,  Australia’s investment,  investment capital, economic engagement strategy, two-way connectivity

Prime Minister Nguyen Xuan Phuc (L) hosts the welcome ceremony for Australian Prime Minister Scott Morrison in Hanoi on August 23.

They committed to cooperating in coping with climate change, reducing plastic waste and exploiting seafood sustainably. Apart from bilateral ties, host and guest touched upon regional and international strategic and security issues.

PM Phuc said he believes that Morrison’s first official visit to Vietnam in his capacity as Prime Minister of Australia will significantly contribute to consolidating the friendship and developing the strategic partnership between the two countries.

PM Morrison lauded major achievements Vietnam has recorded in national construction and development which, he said, have helped to improve its role and position in the region and the world, especially within ASEAN and the UN.

Australia always attaches importance to enhancing relations with Vietnam – its key strategic partner in ASEAN and the region, he said.

Deepening Vietnam-Australia strategic partnership
Prime Minister of Australia Scott Morrison and his spouse are paying an official visit to Vietnam from August 22-24 at the invitation of Prime Minister Nguyen Xuan Phuc. This is the first visit to Vietnam by Scott Morrison after he was elected as the Prime Minister of Australia. The visit is an important political event, confirming the aspirations of the leaders and peoples of the two countries to further deepen the strategic partnership between Vietnam and Australia.
Best time for Australian investors to enter Vietnam
Opportunities for Australian firms to invest in Vietnam have never been better than now when the Southeast Asian economy is growing rapidly, said participants at a Vietnam-Australia business dialogue held in Sydney on July 22.
9 tonnes of lychee exported to US and Australia
(BGO) – Cao Van Hoan, Permanent Vice Chairman of the People’s Committee in Luc Ngan district, Bac Giang province informed that the first 5-ton and 4-ton batches of lychee were exported to the US and Australia respectively while the promotion campaigns have been done in several markets of Japan, Republic of Korea, Singapore…so as to introduce the fruits to the native customers.
Vietnam promotes strategic partnership with Australia
Vietnam always attaches importance to promoting its friendship and strategic partnership with Australia, Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh said at a reception for visiting Australian Minister of Foreign Affairs Marise Payne in Hanoi on June 13.

Source: VNA

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