Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade, Investment, and Tourism Dan Tehan hoped to launch the "Australia-Vietnam Enhanced Economic Engagement Strategy in 2021-2025" this year. (Photo: Baodautu)

Co-chairing the October 8 conference, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said the strategy plays an important role in realizing Vietnam’s Socio-Economic Development Plan for 2021-2025, aiming to turn the country into a developing economy that will have a modern industrial development level and overcome the low-middle-income trap by 2025.

To achieve the goal, Dung said Vietnam will focus on economic recovery in the post-pandemic period, perfect the socialist-oriented market economy institution, accelerate economic restructuring closely linked to renewing the growth model, and develop the digital economy.

Vietnamese Minister of Planning and Investment Nguyen Chi Dung (Photo: VNA)

The government will step up the construction and development of a modern synchronous infrastructure system, and improve the quality of human resources in association with promoting innovation and strong application of sci-tech advancement, while proactively integrating into the global economy.

According to Minister Dung, the Vietnam – Australia economic relations have continued to develop dynamically and effectively despite the impact of the Covid-19 pandemic, VOV cited.

Trade between Australia and Vietnam has grown by almost 10% each year for the past two decades. This impressive record has been fuelled by Vietnam’s economic growth, ongoing industrialization, and expanding export sector. Vietnam is now Australia’s 15th largest trading partner, climbing six rankings in the last 20 years.

Photo: Australian Department of Foreign Affairs and Trade

Australia’s top exports to Vietnam include coal, iron ore, live animals, education, and cotton. Vietnam’s major exports to Australia include communications equipment, crude petroleum, clothing, and footwear. Vietnam is a popular destination for Australian tourists and for Australia’s sizeable Vietnamese community.

Meanwhile, two-way investment is worth more than AU$3.5 billion, and the goal is to double that figure. Although bilateral investment is the highest it has ever been, it is still less than 0.1% of Australia’s two-way investment with the rest of the world, highlighting the potential for significant future growth.

In addition, Australia is one of the largest non-refundable ODA partners for Vietnam. “Australia’s ODA projects have met Vietnam’s development requirements, helping the country address its difficult challenges,” Minister Dung emphasized. He noted that there is much room for the two countries to fully tap into their cooperation potential, and the 2021-2025 strategy is expected to realize that goal.

Photo: Australian Department of Foreign Affairs and Trade

The ministers assessed that the Vietnam-Australia strategic partnership and the action plan signed between the two sides have provided a further boost to the realization of the shared aim of becoming top ten trade partner and doubling investment. They also welcomed the many Australian and Vietnamese corporations that were proactively pursuing investment projects in both countries.

They noted the success of the Partnerships for Recovery Vietnam Covid-19 Development Response Plan in supporting a healthy, cohesive and resilient Vietnam, which includes Australia’s commitment to share approximately 5.2 million Covid-19 vaccine doses with Vietnam, of which over 700,000 have already been delivered.

On the occasion, the two ministers announced the appointment of Business Champions to promote further two-way trade and investment links. The Business Champions are industry leaders who will promote trade and investment opportunities to business communities in Vietnam and Australia. These are honorary positions appointed for an initial one-year term, VNA reported.

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