Vietnam-Australia trade value expected to hit $20 bln

National Assembly Chairman Tran Thanh Man proposed to continue effectively implementing the Vietnam - Australia Enhanced Economic Engagement Strategy to achieve the targets of $20 billion in the two-way trade value and doubling the two-way investment in the coming time, during talks with visiting President of the Australian Senate Sue Lines in Hanoi on August 25, the Vietnam News Agency has reported.

The top Australian legislator arrived in Hanoi on August 23, starting her seven-day official visit to Vietnam at the invitation of NA Chairman Man. This is her first official visit to Vietnam in her position as the President of the Australian Senate.

Bilateral economic and trade collaboration has expanded stably with two-way trade reaching nearly $14 billion in 2023. Vietnam and Australia have been one of each other's top 10 leading trade partners.

Mr. Man also proposed the two sides to increase trade promotion activities, and trade connection between export enterprises of the two countries.

He suggested Australia to soon consider and accelerate the process of market opening for Vietnamese agricultural and aquatic products, expand investment in areas that Vietnam is prioritising and Australia has strengths in, such as high technology, innovation, clean energy, renewable energy, mining, infrastructure, telecommunications, services, tourism, high-tech agriculture.

He proposed Australia to continue maintaining and increasing official development assistance (ODA) for Vietnam in the human resources development-related fields, particularly in semiconductors, public management, public policy building and macro-finance.

Vietnam wishes to receive Australia’s experience in building financial systems and policies on the establishment of carbon market, just energy transition, green energy, and environmental protection, he said.

For her part, Ms. Lines said that with the upgrading of bilateral ties to a comprehensive strategic partnership, Australia and Vietnam have become each other's most important partner, with strengthened cooperation in new areas to meet each other's aspiration and interest in the fields of climate change response, digital transformation, energy, and peacekeeping.

Assessing that Vietnam’s economy is growing dynamically, Ms. Lines suggested that the two countries strengthen trade and investment cooperation.

On ODA, Australia pledges to support Vietnam in the 2024-2025 period with AUD95.7 million ($65 million) to help Vietnam achieve its socio-economic development goals, she said.