Vietnam-Northern Territory trade-investment ties yet to tap full potential: minister

By Phong Cam, Tri Duc
Sat, October 19, 2024 | 5:37 pm GMT+7

Trade and investment ties between Australia’s Northern Territory and Vietnam have not matched existing potential, says Minister of Planning and Investment Nguyen Chi Dung.

He was addressing a Vietnam-Australia business routable on Saturday in Darwin, capital of the Northern Territory. The event was held on the sidelines of the fourth Australia-Vietnam Economic Partnership Meeting.

Minister of Planning and Investment Nguyen Chi Dung addresses a Vietnam-Australia business roundtable in Darwin, Australia, on October 19, 2024. Photo by The Investor/Phong Cam.

Minister of Planning and Investment Nguyen Chi Dung addresses a Vietnam-Australia business roundtable in Darwin, Australia, on October 19, 2024. Photo by The Investor/Phong Cam.

The meeting was an important pillar in the comprehensive strategic partnership between Vietnam and Australia, which was established, consolidated, and upgraded in March 2024 when Prime Minister Pham Minh Chinh visited Australia, he said.

Trade ties between Vietnam and Australia, particularly the Northern Territory, have yet to meet their potential, the minister stressed.

Currently, two-way trade turnover between Vietnam and Australia is modest at $14 billion, he noted, emphasizing the need for further promotion of economic cooperation relationship between the two sides.

The Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

The Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

Do Van Su, deputy director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, called on the business community of both countries to have frank discussions about investment cooperation opportunities.

Vietnamese officials at the roundtable answered queries from Vietnamese businesses seeking to invest in Australia in general and the Northern Territory in particular. They also suggested that the Northern Territory clarify details about the launch of a direct flight between Vietnam and Darwin; labor cooperation; and investment in agricultural, industrial, and logistics projects.

Nguyen Viet Quang (left, second, front row), vice chairman and CEO of Vingroup, attends the Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

Nguyen Viet Quang (left, second, front row), vice chairman and CEO of Vingroup, attends the Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

Welcoming the Vietnamese delegation, Brian O’Gallagher, deputy speaker of the Northern Territory Assembly, said the territory is always keen on the Vietnamese business community increasing their investments. Northern Territory authorities will facilitate Vietnamese businesses in investing and operating effectively towards boosting the economic-trade ties between the two countries, he said.

VAFIE facilitates Vietnam-Northern Territory cooperation

Addressing the event, Nguyen Ngoc My, vice chairman of the Vietnam's Association of Foreign Invested Enterprises (VAFIE) and chairman of the Northern Territory-Vietnam Business Council (NTVBC), said the two countries have a long history of economic, trade, investment, development assistance, security and defense cooperation. Vietnam and Australia celebrated the 50th anniversary of bilateral diplomatic ties last year.

Nguyen Ngoc My (right), vice chairman of the VAFIE, and Brian O’Gallagher, deputy speaker of the Northern Territory Assembly. Photo by The Investor/Phong Cam.

Nguyen Ngoc My (right), vice chairman of the VAFIE, and Brian O’Gallagher, deputy speaker of the Northern Territory Assembly. Photo by The Investor/Phong Cam.

The steady progress is seen in the advancing of bilateral ties from a strategic partnership in 2018 to a strategic economic partnership in 2021 and further elevation to a comprehensive strategic partnership in 2024.

Now is the best time to promote investment collaboration, My said.

He noted that the NTVBC and the VAFIE signed a cooperation agreement in September 2021 and has since then promoted ties between Vietnam and the Northern Territory, especially through business collaboration.

In the coming time, the association will continue to further promote implementation of the Vietnam-Northern Australia Trade and Investment Cooperation Strategy, considering it one of the most important activities for the VAFIE in the new term, he added.

Do Van Su (first, right), deputy director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, speaks at the Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

Do Van Su (first, right), deputy director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, speaks at the Vietnam-Australia Business Roundtable in Darwin, Australia, October 19, 2024. Photo by The Investor/Phong Cam.

He also noted that many Vietnamese leaders have visited the Northern Territory recently.

Hau A Lenh, Minister and Chairman of the Committee for Ethnic Minority Affairs (CEMA), made an official visit to the Northern Territory in November 2022. The current visit of Minister of Planning and Investment Nguyen Chi Dung to the territory on the sidelines of the Australia-Vietnam Economic Partnership Meeting is another milestone.

My also said that a number of large Vietnamese corporations like Vabis Group, Hoa Phat Group, TH Group, and Vingroup have expressed their interest in investing in the territory. However, in order to attain sustainable growth, it is necessary to encourage small businesses to participate in the supply chain to form a supporting industrial ecosystem, he said.

My further mentioned the need to mobilize and utilize the business system of overseas Vietnamese living in the Northern Territory of Australia, in particular, and in Australia in general to participate in investment cooperation.

Hayley Richards, CEO of the Northern Territory Department of Trade, Business, and Asian Relations, hoped that Minister Dung’s visit would provide an impetus for further growth in economic, trade and investment cooperation between Vietnam and Australia in general and with the Northern Territory in particular.

The Northern Territory will do its best to help the business communities of both sides expand investment cooperation, especially facilitating Vietnamese enterprises to invest, she affirmed.

Comments (0)
  • Read More
E-wallet MoMo the most used super app in Vietnam: Cimigo

E-wallet MoMo the most used super app in Vietnam: Cimigo

Mobile wallet MoMo leads the Vietnamese market in terms of super apps, being used an average of 4.16 times per week which far outpaces its competitors, according to Cimigo, a big research company in the country.

Economy - Wed, May 21, 2025 | 9:40 am GMT+7

Vietnam's major builder Coteccons must pay subcontractor $6.55 mln: court

Vietnam's major builder Coteccons must pay subcontractor $6.55 mln: court

Coteccons, one of Vietnam’s leading construction firms, has been ordered by the Ho Chi Minh City People’s Court to pay nearly VND170 billion ($6.55 million) to its subcontractor Ricons for outstanding debts related to construction contracts and additional interest for late payments.

Companies - Wed, May 21, 2025 | 8:48 am GMT+7

Thailand, Indonesia elevate bilateral ties to strategic partnership

Thailand, Indonesia elevate bilateral ties to strategic partnership

Thailand and Indonesia have declared the elevation of bilateral relationship to a strategic partnership following a high-level meeting in Bangkok on Monday between Thai Prime Minister Paetongtarn Shinawatra and Indonesian President Prabowo Subianto.

Southeast Asia - Tue, May 20, 2025 | 11:01 pm GMT+7

Indonesia backs WTO efforts to ease global trade tensions

Indonesia backs WTO efforts to ease global trade tensions

Indonesian Trade Minister Budi Santoso has affirmed Indonesia’s support for the World Trade Organisation (WTO) to ease trade tensions and discourage countries from taking unilateral maneuvers detrimental to the multilateral trade system.

Southeast Asia - Tue, May 20, 2025 | 10:59 pm GMT+7

Indonesia eyes to become world’s second biggest coffee producer

Indonesia eyes to become world’s second biggest coffee producer

Indonesia is focusing on increasing domestic coffee production, with the goal of overtaking Vietnam as the world’s second-largest coffee producer, according to Coordinating Minister for Food Zulkifli Hasan.

Southeast Asia - Tue, May 20, 2025 | 10:57 pm GMT+7

Vietnam okays property developer Sun Group’s airline project

Vietnam okays property developer Sun Group’s airline project

Prime Minister Pham Minh Chinh on Tuesday gave in-principle approval to the establishment of Sun PhuQuoc Airways (SPA) by Sun Group, one of Vietnam’s top real estate developers.

Investing - Tue, May 20, 2025 | 8:59 pm GMT+7

Vietnam to build one international financial center operating in two cities

Vietnam to build one international financial center operating in two cities

Vietnam seeks to develop one international financial center that will operate in Ho Chi Minh City and Danang, says Deputy Prime Minister Nguyen Hoa Binh.

Economy - Tue, May 20, 2025 | 7:47 pm GMT+7

China’s electronics giant BYD plans expansion at northern Vietnam plant

China’s electronics giant BYD plans expansion at northern Vietnam plant

BYD, a supplier of Apple, is seeking to expand operations at its VND9.5 trillion ($366 million) plant in Vietnam’s northern province of Phu Tho to meet growing market demands for new products.

Industries - Tue, May 20, 2025 | 7:36 pm GMT+7

Vietnam, US in second round of reciprocal trade pact talks

Vietnam, US in second round of reciprocal trade pact talks

Vietnam and the U.S. began their second round of negotiations on a reciprocal trade agreement in Washington D.C. on Monday (May 19, U.S. time).

Economy - Tue, May 20, 2025 | 4:33 pm GMT+7

Central Vietnam province Binh Dinh targets semiconductor, AI hub status

Central Vietnam province Binh Dinh targets semiconductor, AI hub status

The south-central province of Binh Dinh aims to become a key hub for semiconductors, AI, and cybersecurity in Vietnam by 2030.

Industries - Tue, May 20, 2025 | 2:44 pm GMT+7

Property heavyweight Sun Group proposes more major investments in southern Vietnam

Property heavyweight Sun Group proposes more major investments in southern Vietnam

Sun Group, one of Vietnam’s top real estate developers, has proposed a slate of investments in the southern coastal province of Ba Ria-Vung Tau, focusing on commercial, tourism, and urban development.

Real Estate - Tue, May 20, 2025 | 2:09 pm GMT+7

HSBC facilitates five-year green club loan for Gamuda Land

HSBC facilitates five-year green club loan for Gamuda Land

HSBC Vietnam, in collaboration with Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC) and UOB Vietnam, has announced to provide a five-year green club loan for Tam Luc Real Estate Corporation, a unit of Malaysian property developer Gamuda Land.

Banking - Tue, May 20, 2025 | 1:13 pm GMT+7

Japanese, Middle East firms eye $6 bln energy investment in HCMC 

Japanese, Middle East firms eye $6 bln energy investment in HCMC 

Several international corporations on Monday signed strategic cooperation agreements to develop two energy projects totaling $6 billion in Ho Chi Minh City.

Energy - Tue, May 20, 2025 | 11:50 am GMT+7

Thailand slashes growth forecast amidst US tariffs

Thailand slashes growth forecast amidst US tariffs

Thailand has lowered its economic growth forecast this year due to trade disruptions stemming from U.S. President Donald Trump's tariff policies.

Southeast Asia - Tue, May 20, 2025 | 9:07 am GMT+7

PV Gas subsidiary feeds LNG to Korean chaebol HS Hyosung in central Vietnam

PV Gas subsidiary feeds LNG to Korean chaebol HS Hyosung in central Vietnam

CNG Vietnam JSC (PV Gas CNG), a subsidiary of PV Gas, has officially commenced the initial phase of liquefied natural gas (LNG) delivery to HS Hyosung Quang Nam under South Korean chaebol HS Hyosung in central Vietnam.

Companies - Tue, May 20, 2025 | 9:04 am GMT+7

Vietnam's leading developer Novaland plans share issuance for debt conversion

Vietnam's leading developer Novaland plans share issuance for debt conversion

Novaland, a major real estate developer in Vietnam, plans to issue additional shares to convert debt into shares for some major shareholders who have lent the company in times of financial woes.

Companies - Tue, May 20, 2025 | 8:57 am GMT+7