Australia Gives Priority to Strengthening Economic Cooperation with Viet Nam

11:08:51 AM | 3/4/2024

Strengthening economic cooperation with Viet Nam is an ongoing priority of the Australian Government, reiterated Australian Deputy Consul-General in Ho Chi Minh City Rebecca Ball.

Australian Deputy Consul-General in Ho Chi Minh City Rebecca Ball - Photo: Mekong ASEAN

Rebecca Ball, who is also senior trade and investment commissioner at the Australian Trade and Investment Commission (Austrade), made the above statement during an interview with the VGP ahead of Prime Minister Pham Minh Chinh's upcoming official visit to Australia from March 5-9.

According to Rebecca Ball, the Austrade is actively bolstering trade and investment partnerships in key sectors through a range of initiatives with our stakeholders here in Viet Nam. In which, cooperation on green development aligns closely with the two countries' national goals.

The rapid expansion and transition of Viet Nam's energy sector provides a real opportunity to evolve our trade and investment relationship into the future.

"Australian capabilities in clean energy supply chains and the services that accompany them can also assist Viet Nam manage the significant transition ahead. This will lay the foundations for deeper economic ties in the decades to come", she noted.

Besides, Australian expertise in sustainable agriculture can further contribute to Viet Nam's green transition by introducing innovative technologies and practices, including trhough stubble retention, tillage minimisation, pesticide and fertiliser optimisation, and soil and grazing management, she added.

The Australian Deputy Consul-General said, one area of focus is the mining and processing of rare earths. According to Asialink, Viet Nam has considerable untapped mineral resources, which include the world's second-largest deposits of rare earth metals.

While Australian mining equipment, technology and services companies offer world-leading solutions that address environmental and social challenges facing the global mining industry.

These solutions can help miners decarbonise their operations, reduce waste, improve water management, transition to smaller-footprint mines, and increase community wellbeing. The upcoming Mining Viet Nam 2024 event in April may open up more opportunities for cooperation.

Finally, there are oppotunities in education cooperation to prepare the green workforce for Viet Nam's net zero transition. Australia enjoys one of the best education and training systems in the world.

For nearly half a century, education and training cooperation has always been a pillar and a bright spot in the friendly cooperation between the two nations.

"We are proud of our world–class reputation, and we want to ensure that we continue to be seen as a key education partner for countries throughout the world, including Viet Nam", she shared.

Through local and international partnerships with government and industry, Australia's education institutions are developing practical programs that address critical capabilities required across industries.

New training courses are being developed in areas such as biomanufacturing, electric vehicle machanics, and carbon accounting to meet current and future workforce needs to support the growth of a green economy.

Recently, Austrade Government has launched new Southeast Asia Economic Strategy to 2040 to forge closer economic integration with Southeast Asia. In which, Austrade will lead the Southeast Asia Business Exchange (SEABX) AUD 19.2 million program to support increased two-way trade between Australia and Southeast Asia.

This initiative will include business missions to the region targeting priority sectors identified in the strategy. It will also drive a program of activities to raise Australian businesses' awareness of the range of commercial opportunities in Viet Nam and across Southeast Asia.

"We look forward to supporting more successes in the next chapter between our two countries", told Rebecca Ball.

Regarding Viet Nam's business environment, she said, Viet Nam's stable political environment, sound economic settings, strategic geographic location, and a growing middle class present a compelling case for investors.

Moreover, Viet Nam's participation in various free trade agreements further enhances its attractiveness. The diversification of sectors and industries open to foreign investment is expected to remain robust, with a focus on technology, manufacturing, and renewable energy.

As part of Autralia's major Southeast Asia strategy, Austrade will deliver the "Investment Deal Teams" with government partners, identifying opportunities in priority sectors and facilitate investment by Australian business to Viet Nam, she asserted.

Source: VGP