Vietnam-Australia trade turnover increases by nearly 40%
Trade-investment cooperation has become a bright spot in Vietnam-Australia relations with bilateral trade turnover growing strongly, reaching USD9.6 billion in the first seven months of 2022, up nearly 40% over the same period last year.
At the invitation of the Australian Foreign Minister Penny Wong, Vietnamese Foreign Minister Bui Thanh Son paid an official visit to Australia from September 11-13. The two ministers co-chaired the fourth Vietnam-Australia Foreign Ministers’ Meeting in Canberra on September 12.
Reviewing the cooperation situation over the past time, the two sides agreed that the Vietnam - Australia relationship continues to develop strongly on the basis of actively implementing signed cooperation agreements, including the Vietnam - Australia Action Program for the period 2020-2023 and the Enhanced Economic Engagement Strategy (EEES). Trade-investment cooperation has become a bright spot in Vietnam-Australia relations with bilateral trade turnover growing strongly, reaching USD9.6 billion in the first seven months of 2022, up nearly 40% over the same period last year. Cooperation in other fields such as defense and peacekeeping, security and cross-border crime prevention, culture, education, tourism and labor are all actively promoted. In particular, the two sides have given each other valuable and timely cooperation and support in the fight against the COVID-19 epidemic.
The two ministers spent a lot of time discussing specific measures to further expand and deepen the strategic partnership, including strengthening political ties by organizing contacts and visits of senior leaders, exchange of delegations at all levels, maintaining bilateral exchange mechanisms, organizing practical activities to celebrate the 50th anniversary of diplomatic relations between the two countries in 2023; and further promote economic cooperation, trade and investment. Minister Bui Thanh Son suggested the Australian side maintain and expand development aid (ODA) for Vietnam in new fields that Vietnam is in need; increase two-way investment; and create more favorable conditions for Vietnamese agricultural and aquatic products to access the Australian market, thereby contributing to expand Vietnam's exports and balance the two-way trade.
Minister Penny Wong said that in the current situation, the two countries have many opportunities and potentials that can be exploited to strengthen the strategic partnership. She shared the specific proposals of Minister Bui Thanh Son and agreed to create conditions for Vietnamese enterprises to increase investment and business in Australia, as well as promote cooperation on the basis of mutual benefits in the region. Regarding labor cooperation, the two sides will consider adjusting the Memorandum of Understanding on the visa program in accordance with the new situation. On this occasion, Foreign Minister Bui Thanh Son proposed that the Australian side increase the quota for Vietnamese citizens to come to Australia under the Working Holiday Program; and pay attention to and create conditions for the Vietnamese community in Australia to live and integrate, making positive contributions to the bilateral cooperation and friendship between the two peoples.
The two sides also exchanged measures to further promote cooperation in other traditional fields such as defense and security, education and training and tourism. In addition, they agreed to research and promote cooperation in the fields of national defense and security, and some new areas such as combating climate change, digital transformation, digital economy, energy security, food security, human resources, in accordance with the needs and development orientation in each country, as well as bilateral agreements.
On this occasion, the two ministers also discussed regional and international situations of mutual concern, and agreed to continue strengthening coordination and mutual support at multilateral organizations and forums, especially ASEAN and the United Nations.
