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Tuesday, January 18 2022
Tiếng Việt
a A
Date 08/10/2021-18:29:00 PM
The 2nd Australia – Vietnam Economic Partnership Meeting
(MPI) – The 2nd Australia – Vietnam Economic Partnership Meeting was held virtually under the co-chairing of Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade, Investment and Tourism Dan Tehan on October 08th, 2021.

The meeting is an important event to boost up economic, trade and investment cooperation between Vietnam and Australia. The meeting will endorse the Vietnam-Australia Enhanced Economic Engagement Strategy (EEES) and discuss the Strategic Action Plan for the period of 2021-2025, and announce business champions in the EEES.

Minister Nguyen Chi Dung had a speech at the meeting. Photo: MPI

Speaking at the meeting, Minister Nguyen Chi Dung thanked the Australian Government for sponsoring 5.2 million COVID-19 vaccine AstraZeneca doses for Vietnam, of which 1.5 million doses were provided directly and over 700,000 havealready been delivered.

Despite facing many great challenges due to the negative impact of COVID-19, Vietnam has drastically implemented solutions to achieve the dual goals of preventing the COVID-19 pandemic and promoting socio-economic development. Vietnam's economy has achieved some positive results when the GDP growth rate in 2020 reached 2.91%, among the countries with the highest growth in the world. However, in the first 9 months of 2021, especially in the second and third quarters with the impact of the fourth wave, the GDP growth rate was only 1.42%, Vietnam has strived to develop in the IV quarter so that GDP growth rate for the whole year is 3-3.5 percent.

As stated by Minister Nguyen Chi Dung, the Vietnam-Australia EEES has played an important role in the Strategic Action Plan for the 2021-2025 period. The goal is that according to the orientation by 2025, Vietnam will have a modernity-oriented industry, surpass the lower-middle-income level; improve the efficiency and competitiveness of the economy. Synchronize solutions to effectively overcome the impact of the COVID-19 pandemic and speed up the economic recovery and development.

Vietnam has set out some solutions to achieve the set goals, including focusing on the dual goals of preventing the COVID-19 pandemic associated with socio-economic recovery and development; synchronizing development institutions, promoting economic structure associated with growth model innovation; improving the efficiency and competitiveness of the economy; developing digital economy and society; stepping up the construction and development of the infrastructure system; promoting the quality of human resources with innovation and science – technology application; strengthening environmental protection, proactively preventing the impact of natural disasters and adapting to climate change; improving the efficiency of foreign affairs and proactively participating in comprehensive international economic integration.

Despite the negative impact of the COVID-19 pandemic, the economic relationship between Vietnam and Australia continues to develop strongly, dynamically and effectively. Australia was the 10th commercial partner, the 18th export market and the 8th import market of Vietnam by the end of August 2021. Regarding investment cooperation, Australia ranks the 19th out of 141 countries/ territories having investment projects in Vietnam and 10th out of 78 countries/territories having overseas investment projects in Vietnam.

In the development cooperation, Australia is one of the largest non-refundable official development assistance (ODA) partners for Vietnam. Australia's ODA projects meet the Vietnam’s development requirements, contribute to helping the country resolve challenges and difficulties. The economic cooperation between Vietnam and Australia has many potentials and strengths, so the implementation of the Strategy will contribute to effectively exploiting the set development goals, bringing practical benefits for the two countries and both business communities.

Australian Minister Dan Tehan. Photo: MPI

Minister Dan Tehan stated at the meeting that the meeting was an important opportunity to promote bilateral cooperation and comprehensive strategic partnership between Vietnam and Australia. Minister Dan Tehan also affirmed that Australia pledged to support Vietnam in scaling up the vaccination for Vietnamese people to overcome the 4th wave’s consequence. Australia will also donate 3.7 million additional COVID-19 vaccine doses to Vietnam through an agreement with UNICEF and the Vietnamese Ministry of Health in the coming time, bringing the total number of vaccines that Australia committed to support for Vietnam to 5.2 million doses, equivalent to AUD 60 million and many medical equipment. In addition, Australia also designed some support activities to help ASEAN countries having a transparent investment systems, thereby strengthening cooperation with Vietnam and ASEAN.

The Action Plan of the Vietnam-Australia EEES is very important as Australia has strived to be in the top ten trade partners of Vietnam. The meeting helped Vietnam and Australia agree on critical goals to boost bilateral economic cooperation and increase two-way investment. Mr. Dan Tehan affirmed to closely coordinate with the MPI and hoped to further promote the economic and investment cooperation of the two countries. The Australian Government always supports the Vietnamese One in promoting bilateral relations, and Vietnam's reform and innovation.

At the meeting, the Working Group of investment, trade and development cooperation reported the working session outcomes. The Working Group informed the two-way investment situation between Vietnam and Australia; priorities to promote in commodity trading, services, regional and multilateral cooperation; bilateral investment cooperation priorities through the Mekong region, etc. and preparation for the 12th WTO Ministerial Conference. The Conference discusses the development of multilateral trade relations, emphasizes on creating favorable conditions for Australian Trade Agenda to achieve good results to overcome the impact of COVID-19; increases production and distribution of vaccine resource and boosts agricultural development.

The Ministers endorsed the key contents of the Strategy. Photo: MPI

In order to make Vietnam and Australia become leading trade partner, increase two-way investment and effectively implement the Strategy, Vietnam and Australia announced Business Champions promote further investment, trade and business cooperation. The three Business Champions of Vietnam, namely Hoa Phat Group, TH True Milk and Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank); and three Business Champions of Australia, namely Aurecon Corporation, SunRice Group and RMIT University shall participate in the Strategy.

At the meeting, the Ministers endorsed the key contents of the Strategy for strengthening economic cooperation and submitted it to the Governments of the two nations for approval of the Action Plan for the 2021-2025 period. Minister Nguyen Chi Dung assessed that the MPI and relevant agencies would continue to coordinate with Australia to implement the reached agreements./.

Bao Linh
Ministry of Planning and Investment

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