Australia and Vietnam will accelerate trade and investment levels from 2021-2025, through a new economic strategy bringing the two countries’ burgeoning commercial ties into sharp focus.
Announced by Prime Minister Pham Minh Chinh and his Australian counterpart Scott Morrison at COP26, the Australia – Vietnam Enhanced Economic Engagement Strategy supports Australia’s and Vietnam’s shared goal to double investment and become top ten trade partners.
The strategy will help both countries take advantage of emerging market opportunities, including in agriculture, energy, services and digital economy, as the two economies recover from the impacts of COVID-19.
The development of the strategy represents close collaboration and considerable work by both countries, including economic analysis, cross government consultation and recommendations put forward by business stakeholders.
It highlights key sectors in which Vietnam and Australia are uniquely matched to deepen trade-education, skills and training; resources and energy; agriculture, forestry and fisheries; manufacturing; tourism; science, technology and innovation; digital economy; and other services.
According to Australia’s Ambassador to Vietnam Robyn Mudie, the strategy will help guide the two countries towards an inclusive and sustainable growth path.
“Our economies are highly complementary. Australia is a reliable supplier of the services and raw materials that Vietnam’s exporters require, and our consumers enjoy Vietnam’s high-quality products in their homes and workplaces. There is enormous potential to take this relationship even further as we emerge from COVID-19,” the Australian diplomat said.
She added that “this strategy is the strongest reflection yet of our confidence in our shared economic future, bringing us closer to becoming top ten trade partners and doubling investment. Through this strategy we can recover our economies and prosper together.”
An implementation plan for the strategy has been agreed by both governments, providing a road-map for practical initiatives to deepen trade and investment links in key sectors, over an initial period of 2021-2025. Both documents will be made available online in the coming weeks.