Vietnam, Australia announce enhanced economic engagement strategy
Vietnam and Australia will accelerate trade and investment levels from 2021-2025, through a new economic strategy bringing their burgeoning commercial ties into sharp focus.
PM Pham Minh Chinh (L) meets with his Australian counterpart Scott Morrison on the sidelines of COP26. (Photo: VNA)
Sydney (VNA) - Vietnam and Australia will accelerate trade and investment levels from 2021-2025, through a new economic strategy bringing their burgeoning commercial ties into sharp focus.
According to a media release issued on November 3, Australian Prime Minister Scott Morrison announced that he and his Vietnamese counterpart Pham Minh Chinh had a discussion on the sidelines of the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, Scotland, the UK.
They announced the Australia-Vietnam Enhanced Economic Engagement Strategy, which supports Australia 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 the digital economy, as the two economies recover from the impacts of the COVID-19 pandemic.
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.
An Implementation Plan for the Strategy has been agreed by both governments, providing a roadmap for practical initiatives to deepen trade and investment links in key sectors, over an initial period of 2021-2025./.
Prime Minister Pham Minh Chinh on October 6 sent a thank-you letter to his Australian counterpart Scott Morrison for Australia’s donations of COVID-19 vaccine and medical equipment to Vietnam’s fight against the COVID-19 pandemic.
Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade, Investment and Tourism Dan Tehan shared the hope that the Australia-Vietnam Enhanced Economic Engagement Strategy in 2021-2025 will be launched this year.
The Australian Government has approved a grant of 5 million AUD to help Vietnam enhance competitiveness, reduce carbon footprint, and improve lives and livelihoods, according to the World Bank.
Prime Minister Pham Minh Chinh hosted a reception for Australian Ambassador to Vietnam Robyn Mudie on October 15, during which he spoke highly of the bilateral cooperation.
A Vietnam-Australia Artificial Intelligence (AI) Forum was held on October 27, offering a venue for experts to share experience and initiatives to develop AI technologies in Vietnam.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
PM Pham Minh Chinh (L) meets with his Australian counterpart Scott Morrison on the sidelines of COP26. (Photo: VNA) 
