Ba Ria-Vung Tau deemed attractive destination for bolstering Vietnam-Australia economic ties
Ba Ria-Vung Tau is an emerging hub for foreign investment and an attractive destination for Australia’s economic diversification as well as for its bolstering economic relations with Vietnam, according to a new report published by Perth USAsia.
Quang Trung Street in the southern province of Ba Ria-Vung Tau. (Photo: VNA)
Sydney (VNA) – Ba Ria-Vung Tau is an emerginghub for foreign investment and an attractive destination for Australia’seconomic diversification as well as for its bolstering economic relations withVietnam, according to a new report published by Perth USAsia.
Canberra is recalibrating its economic relations inthe Indo-Pacific region, with the emphasis placed on building trade andinvestment relations with Southeast Asian nations.
The report describes Ba Ria-Vung Tau as an ideal focalpoint for efforts to lift the Vietnam-Australia economic ties. The southern province boasts seaports, a newairport under construction, along with constantly upgraded liquefied natural gas (LNG)import infrastructure in the province and nearby localities, which make Ba Ria-Vung Tau a competitive destination for investors from Australia.
Australia could hardly find any other place more appealingin Southeast Asia, says report author and policy researcher Kyle Springer. Thepresence of many Australian companies, developed infrastructure, location anddiplomatic and economic frameworks between the two countries are among theprovince’s advantages.
In September 2020, the state of Western Australia signeda Memorandum of Understanding with the Ba Ria-Vung Tau People’s Committee todevelop trade and closer linkages between the governments and enterprises ofthe two sides.
The agreement was the state’s strategic choice, opening anumber of economic opportunities not only for Western Australia but alsoAustralia, according to Springer.
Vietnam-Australia trade has grown steadily, accountingfor 15 percent of the total trade between Australia and ASEAN in 2020. Thebilateral trade is expected to thrive further in the coming years thanks toestablished economic frameworks, including the Regional Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)./.
The Prime Minister has approved an investment plan for the first phase of the Bien Hoa - Vung Tau expressway project, which is expected to speed up travel between Dong Nai, Ba Ria - Vung Tau and Ho Chi Minh City.
The Civil Aviation Authority of Vietnam (CAAV) has submitted a proposal to the Ministry of Transport on investing in a project to upgrade Con Dao airport in the southern province of Ba Ria - Vung Tau, enabling it to receive larger aircraft.
Vietnam Airlines on October 22 morning launched its first flight to Con Dao island offshore Ba Ria-Vung Tau southern province after a social distancing period to curb the spread of COVID-19.
Despite COVID-19 impacts, industrial parks (IP) in the southern province of Ba Ria-Vung Tau have seen good signs in investment attraction, according to the provincial IP Management Board.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
Quang Trung Street in the southern province of Ba Ria-Vung Tau. (Photo: VNA)
