Vietnamese, Australian businesses seek to enhance bilateral cooperation

Update: 11:27 | 28/06/2023

A Vietnam-Australia business promotion forum was held in Sydney on June 27 to help Vietnamese enterprises know more about the Australian market and connect them with businesses in this Oceania country.

The event was jointly organised by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT) in coordination with the Consulate General of Vietnam and the Vietnam Trade Office in Sydney as part of activities to mark the 50th anniversary of bilateral diplomatic ties.

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Vietnamese dragon fruit are on sale at a Vietnamese food supermarket in Melbourne, Australia.

Speaking at the forum, Vietnamese Consul General in New South Wales, Queensland and South Australia Nguyen Dang Thang said that based on the fruitfully growing bilateral relationship, Vietnamese and Australian businesses will intensify their exchange of knowledge and experience to find suitable partners. Vietnamese firms can explore new business opportunities in a vibrant market like Australia, he noted.

According to Le Hong Minh, director of Vietrade’s Investment Promotion Centre for Industry and Trade, Vietnam and Australia have complementary economies as the former boasts an abundant labour force while the latter is rich in resources, with a high level of technology, especially in the field of education. This will create favourable conditions for businesses of both sides to strengthen cooperation, Minh noted.

According to the 2022 statistics, Australia is Vietnam's 7th largest trading partner, with bilateral trade reaching 15.7 billion USD. With such potential, the bilateral trade will grow 5-10% next year, Minh forecast.

Addressing the event, Francis Wong, chairman of the South Australia - Vietnam Business Council said that Vietnam's economy is growing well despite the impact of the Covid-19 pandemic.

Many Australian companies are considering Vietnam a hub of the Association of Southeast Asian Nations (ASEAN) and the Asian region, a destination for their investments and partnerships.

Most of the participants at the forum hailed the great potential for trade between Australia and Vietnam, saying it brings great advantages and opportunities to businesses of both countries.

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Source: VNA

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