Innovation, renewables, hi-tech agriculture cooperation called for Vietnam-Australia ties

By Van Minh
Tue, April 18, 2023 | 10:21 am GMT+7

Vietnam and Australia should work more closely in new areas such as innovation, renewable energy, circular and high-tech agriculture, culture, and tourism, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said on Monday.

Vietnam's Prime Minister Pham Minh Chinh (R) welcomes Australia’s Minister for Trade and Tourism Don Farrell in Hanoi on April 17, 2023. Photo courtesy of the Vietnamese government portal.

Vietnam's Prime Minister Pham Minh Chinh (R) welcomes Australia’s Minister for Trade and Tourism Don Farrell in Hanoi on April 17, 2023. Photo courtesy of the Vietnamese government portal.

He made the suggestions at the third ministerial-level Vietnam-Australia Economic Partnership Meeting held in Hanoi, joined by Australia’s Minister for Trade and Tourism Don Farrell, who is on a visit to Vietnam to boost bilateral trade and investment ties.

Vietnam and Australia are expecting to double their two-way investment and become top 10 trading partners. Farrell said the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES) aimed to intensify bilateral trade and investment. This cooperation not only includes economic investment, but also investment in education and training, development cooperation, tourism, and agriculture.

At present, Australian investors are running 593 projects in Vietnam with total registered capital of around $2 billion, while Vietnamese firms have channeled $500 million into Australia.

Vietnam's Minister of Planning and Investment Nguyen Chi Dung (R) and Australia’s Minister for Trade and Tourism Don Farrell at the Vietnam-Australia Economic Partnership Meeting in Hanoi on April 17, 2023. Photo courtesy of Vietnam News Agency.

Vietnam's Minister of Planning and Investment Nguyen Chi Dung (R) and Australia’s Minister for Trade and Tourism Don Farrell at the Vietnam-Australia Economic Partnership Meeting in Hanoi on April 17, 2023. Photo courtesy of Vietnam News Agency.

Australia is now Vietnam’s seventh-largest trade partner. By the end of 2022, the Southeast Asian country’s export turnover to Australia reached $5.6 billion while its import spending for Australian goods and services reached $10.1 billion, up 26.2% and 27.3% against 2021, respectively.

Vietnam’s shipments to Australia included machinery, equipment, footwear, textiles, seafood, iron and steel. Meanwhile, Australia is a significant supplier of raw materials for Vietnam, including coal, cotton, ores, minerals, and wheat.

At the Economic Partnership Meeting, the Vietnamese Minister of Planning and Investment said that after 50 years of diplomatic relations, the two countries have become important leading economic partners of each other in many fields including trade, investment, development cooperation, agriculture, education, and training.

Australia ranks 20th out of the 143 countries and territories investing in Vietnam, focusing on the processing industry, manufacturing, accommodation and catering services, agriculture, forestry, and fisheries, Dung said.

He called for more investment from Australia and suggested Australia coordinate with Vietnam to develop bilateral relations in a more balanced manner, support Vietnam in trade promotion activities, and introduce more Vietnamese products in Australia.

Farrell said he believed the meeting would open up new development orientations for the two countries.

Farrell also joined the Vietnam-Australia Investment Forum co-held on Monday by Vietnam’s Ministry of Planning and Investment, the Australian Embassy in Hanoi, and the Australian Trade and Investment Commission (Austrade).

“Vietnam is an important partner of Australia in the region. Australian investors always have trust in investing and doing business here,” he told the forum.

Many Australian businesses are interested in the implementation of the Australia-Vietnam Enhanced Economic Engagement Strategy.

Prior to the two meetings, Farrell met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi. He reiterated that Australia wants Vietnam to play a more important role in his country’s trade partner diversification strategy, and act as a bridge to promote its relationship with ASEAN.

The PM told him that the two countries need to develop bilateral trade in a more balanced way by promoting exports of Vietnamese products to Australia.

Chinh proposed Australia make it easier for Vietnamese electronic, footwear, textile, and agricultural products to access its market and give a boost to a number of fields where both nations have strengths such as education and training, digital economy, innovation, renewable energy, labor, tourism, people-to-people exchange, and high-tech farming.

Comments (0)
  • Read More
Trump Organization eyes golf course, hotel projects in Vietnam

Trump Organization eyes golf course, hotel projects in Vietnam

A consortium between the Trump Organization and its partner in Vietnam plans multiple investments worth billions of dollars in golf courses, hotels and real estate projects Vietnam, Reuters quoted the consortium’s spokesman as saying.

Real Estate - Sat, March 29, 2025 | 11:06 am GMT+7

Livestock major Dabaco invests in 8.2-hectare dry port in northern Vietnam

Livestock major Dabaco invests in 8.2-hectare dry port in northern Vietnam

Vietnam’s leading livestock firm Dabaco has invested in an 8.2-hectare inland container depot (ICD) in Bac Ninh province, an emerging manufacturing hub in northern Vietnam and home to a Samsung Electronics plant.

Infrastructure - Sat, March 29, 2025 | 10:51 am GMT+7

Phuong Tien Minh appointed CEO of life insurer FWD Vietnam

Phuong Tien Minh appointed CEO of life insurer FWD Vietnam

Hong Kong-headquartered FWD Group Holdings Limited has appointed Phuong Tien Minh as CEO of life insurer FWD Vietnam, effective Thursday, March 27.

Finance - Sat, March 29, 2025 | 10:40 am GMT+7

Vietnam's Deputy PM backs formation of free trade zone in Binh Dinh province

Vietnam's Deputy PM backs formation of free trade zone in Binh Dinh province

Vietnam’s Deputy Prime Minister Nguyen Chi Dung on Friday expressed his support for an early study of a free trade zone in Phu My Port area, the south-central province of Binh Dinh.

Economy - Sat, March 29, 2025 | 8:25 am GMT+7

Vietnam offers numerous advantages for Skoda Auto's investment: executive

Vietnam offers numerous advantages for Skoda Auto's investment: executive

Vietnam offers a range of advantages for investment by Czech automaker Skoda Auto, including its seaport system, logistics infrastructure, and skilled labor, the company’s chairman and CEO Klaus Zellmer said on Thursday.

Industries - Fri, March 28, 2025 | 7:33 pm GMT+7

Vietnam plans to cut import tax for LNG to 2%

Vietnam plans to cut import tax for LNG to 2%

Vietnam’s Ministry of Finance is drafting a decree on preferential import tax for some products, including a proposal of 2% tax rate for LNG.

Energy - Fri, March 28, 2025 | 4:31 pm GMT+7

AES’s $2.1 bln LNG power project needs solutions to meet deadline: Vietnam authorities

AES’s $2.1 bln LNG power project needs solutions to meet deadline: Vietnam authorities

The 2,250-MW Son My 2 LNG-fired power project, invested by the U.S.'s AES and state-run Petrovietnam subsidiary PV Gas, “needs solutions” to meet its deadline.

Energy - Fri, March 28, 2025 | 4:06 pm GMT+7

Over $9 bln pledged for investment projects in central Vietnam province Binh Dinh

Over $9 bln pledged for investment projects in central Vietnam province Binh Dinh

Binh Dinh province on Friday handed over MoUs on investment cooperation, in-principle approvals and investment registration certificates to 62 projects worth over VND231 trillion ($9.03 billion).

Industries - Fri, March 28, 2025 | 4:05 pm GMT+7

Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects

Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects

Vietnam's leading private conglomerate Vingroup is seeking the government's permission to develop seven renewable energy projects worth $20-25 billion and a $5.5 billion LNG-fired power project from 2025-2030.

Energy - Fri, March 28, 2025 | 1:09 pm GMT+7

While the buzz around a market upgrade is back, who is this milestone for?

While the buzz around a market upgrade is back, who is this milestone for?

A key issue for the Vietnamese stock market is the underdevelopment of the institutional investor base. The dominance of retail investors can create heightened volatility, which, in turn, reduces the incentive for high-quality companies to list on the stock exchange, writes Gary Harron, head of securities services at HSBC Vietnam.

Consulting - Fri, March 28, 2025 | 10:31 am GMT+7

Vietnam's private lender VIB seeks strategic shareholders: chairman

Vietnam's private lender VIB seeks strategic shareholders: chairman

Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.

Banking - Fri, March 28, 2025 | 8:31 am GMT+7

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.

Industries - Fri, March 28, 2025 | 8:00 am GMT+7

HCMC's international financial center development to be phased out: city leader

HCMC's international financial center development to be phased out: city leader

Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.

Economy - Thu, March 27, 2025 | 11:11 pm GMT+7

Car producers in Thailand postpone export models

Car producers in Thailand postpone export models

Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.

Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7

Indonesia approves $7 bln budget for food security in 2025

Indonesia approves $7 bln budget for food security in 2025

Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.

Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.

Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7