Tuesday,  Oct 23, 2018,11:50 (GMT+7) 0 0
Australia will focus on quality investment in Vietnam
Dinh Dung
Monday,  May 28, 2018,23:59 (GMT+7)

Australia will focus on quality investment in Vietnam

Dinh Dung

Australian Governor General Peter Cosgrove (R) gestures during his visit to RMIT Vietnam’s South Saigon campus on May 25 - PHOTO: DINH DUNG

HCMC – Australia will continue to pour investment into Vietnam in the coming time, but will target high-quality investment rather than running after the quantity of projects, said Australian Ambassador Craig Chittick.

The Australian envoy, speaking at RMIT Vietnam’s South Saigon campus where the Australian Governor General, Peter Cosgrove, came for a visit on May 25, is upbeat about economic partnership between the two countries, saying Vietnam has transformed itself, reducing poverty and increasing employment, income and GDP.

“Vietnam becomes a more prosperous country, and our trade and investment has grown very strongly. We are now Vietnam’s eighth largest trading partners,” Chittick told the Daily at the event.

Statistics from the Foreign Investment Agency of the Ministry of Planning and Investment shows that as of the first quarter of 2017, Australia had invested in 396 projects with a total registered capital of US$1.82 billion in Vietnam.

Chittick said the strategic partnership signed in March has elevated the relationship between Australia and Vietnam to the highest possible level, committing the two countries to even closer cooperation in all sectors, including education, innovation, science and technology.

The ambassador said Australian investors are strongly committed to environmental sustainability, and try to bring the highest quality investment into Vietnam, Chittick said, taking the Australian-invested RMIT Vietnam as an example of high quality education.

Professor Gael McDonald, president and general director of RMIT Vietnam, said at the event that RMIT Vietnam is the ultimate symbol of the depth, commitment and impact of Australian-Vietnamese relations.

“This is not just about the brick and mortar of a university campus. It is about people and the way we work together,” McDonald said, adding that the campus is currently teaching 6,000 students.

She said RMIT has brought to Vietnam practices in higher education teaching and training. In return, Vietnam has brought to RMIT the dedicated and hardworking students and staff who have made RMIT a great place to work and study. “It is truly an interdependent relationship,” Professor McDonald said.

Talking about investment, Chittick said Vietnam continues to be an attractive destination for manufacturing as new technology emerges and wages increase relative to neighboring countries.

Innovation is part of new relationship, he said. This is happening between governments, between universities, between businesses, and between all the three.

“We are seeing Australian businesses to come to Vietnam to build new businesses, not just for them but also for Vietnamese,” Chittick said, revealing that there is a company in the agriculture sector looking to come to Vietnam. With new technology, Vietnamese farmers will get higher return and have a more profitable business.

According to him, the most important aspect is to research opportunities so as to turn good ideas into profitable activities in the market place. “We want to be part of Vietnam’s success story, especially in industrial 4.0,” Chittick said.

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