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Vietnam, Australia want stronger trade and investment cooperation

The Saigon Times

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HCMC – The Australia – Vietnam Investment Forum 2023 was held in Hanoi yesterday, April 17, where participants discussed ways to enhance trade and investment cooperation between the two countries.

The forum, held online and offline by the Ministry of Planning and Investment in collaboration with the Australian Trade and Investment Commission (Austrade), was attended by around 350 representatives from the Australian and Vietnamese governments, business associations and companies.

Speaking at the forum, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said the forum was a meaningful event as it helped strengthen economic cooperation between Vietnam and Australia. Vietnam would create favorable conditions for Australian investors to do business in Vietnam, she said.

Australia has to date invested nearly US$2 billion in Vietnam. In return, Vietnam’s investments in Australia have reached nearly US$600 million.

Australian Minister for Trade and Tourism Don Farrell noted that strengthening investment and trade cooperation with Vietnam was a priority for the Australian Government, which anticipates ample business opportunities in this Southeast Asian nation in the coming decades.

During the past years, many big Australian businesses have entered Vietnam, such as Telstra, RMIT, ANZ, BlueScope, Allens and BHP, contributing remarkably to developing Vietnam’s infrastructure and economy.

“There are multiple business opportunities in the two countries, especially in mining, education, animal feed, food processing and veterinary medicines,” the minister said, adding that they hoped to further boost their investment in Vietnam to enable Australia to become Vietnam’s powerful partner.

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