Vietnam calls for more Australian investment

Minister of Planning and Investment Nguyen Chi Dung called for more investment from Australia while co-chairing the third Vietnam-Australia Economic Partnership Meeting with the Australian Minister for Trade and Tourism Don Farrell in Hanoi on April 17.

Minister Dung proposed that Australia support Vietnam in trade promotion activities and introducing more products, especially agriculture and fisheries products, in Australia.

The two should work closer in new cooperative areas such as innovation, green and renewable energy, circular and high-tech agriculture, and culture and tourism, he said.

The two ministers discussed measures to boost bilateral economic cooperation, evaluated the implementation of the Vietnam-Australia Enhanced Economic Engagement Strategy and the outcomes of working groups on ODA, foreign investment, and trade, and heard recommendations from businesses from both sides on measures to improve the business environment.

Minister Farrell said cooperation between Australia and Vietnam has been fruitful in all fields, especially trade, investment, and education and training. He believes the meeting will open up new development orientations for the Vietnam-Australia partnership.

Australia is one of the largest providers of non-refundable official development assistance (ODA) to Vietnam. During the 2022-2023 period, it increased its ODA to Vietnam by 18 per cent, from $52.98 million to $62.32 million, focusing on renovation, skilled worker training, women’s empowerment, and Covid-19 response, and encouraging private sector engagement in socio-economic development.

As of March, Australia had 593 valid projects in Vietnam with capital of $1.99 billion, ranking it 20th out of the 143 countries and territories investing in Vietnam.

Two-way trade rose 26.9 per cent last year to $15.7 billion, with Vietnam’s exports at $5.6 billion, making Australia its seventh-largest trade partner.