Minister of Planning and Investment Nguyen Chi Dung emphasized in his speech at the Australia-Vietnam Policy Institute (AVPI) Workshop on 'Embracing change, transformation and building and maintaining trust: Exploring the future of the Australia-Vietnam relationship', on October 17 in Adelaide, Australia.
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| Minister of Planning and Investment Nguyen Chi Dung speaks at the Workshop of the Australia-Vietnam Policy Institute (AVPI). (Photo: Anh Son) |
Minister of Planning and Investment Nguyen Chi Dung said that after more than half a century of establishing diplomatic relations, Vietnam and Australia have become important partners. The two countries have achieved increasingly comprehensive cooperation in all fields.
The governments of both countries are interested in and consider economic-trade-investment relations as a pillar and constantly promote growth. Currently, the two countries are among the Top 10 largest economic and trade partners of each other, with a total annual two-way trade turnover of 14-15 billion USD.
Notably, both countries are common members of three new-generation Free Trade Agreements (FTAs): the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA); the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); and the Regional Comprehensive Economic Partnership (RCEP).
The Minister affirmed that this shows that the potential for deep connection and cooperation between the two economies still has much room for faster and stronger growth, not only meeting the economic development needs of each side, but also contributing to the stability and prosperity of the region and the world.
Important strategy in Vietnam's development process
Minister Nguyen Chi Dung emphasized that expanding cooperation with Australia is not only an option, but also an important strategy in the development process. The two countries have many complementary advantages and cooperation between our two countries can create a solid foundation for sustainable growth in the future.
Vietnam has achieved many positive results in socio-economic development in recent times, specifically in the first 9 months of 2024 such as: Macroeconomic stability continues, major balances of the economy are ensured; GDP growth in the first 9 months reached 6.82%, among the leading groups in the world and the region; Exchange rates, money and foreign exchange markets are flexibly managed, in line with the world market; trade surplus is estimated at 20.8 billion USD; FDI attraction continues to be a bright spot, with total registered capital reaching nearly 25 billion USD, up 11.6% over the same period; realized FDI capital reached 17.3 billion USD, the highest since 2021.
Currently, Vietnam has become the third largest economy in ASEAN with a GDP of over 430 billion USD. At the same time, Vietnam is also assessed by international organizations as one of the successful countries in attracting FDI. In particular, it is impossible not to mention the positive contributions of Australian partners.
Regarding investment , Australian investors have invested in Vietnam since the early days of opening up. To date, with more than 662 projects and more than 2.05 billion USD in registered capital, Australia ranks 21st out of 148 countries and territories investing in Vietnam, mostly in the processing and manufacturing sectors.
On the other hand, Vietnamese enterprises have invested in Australia in more than 93 projects with a total investment capital of more than 550 million USD, gradually consolidating their position as an important investment partner of Australia in the current period.
Regarding development cooperation , Australia is one of Vietnam's leading development partners with a total accumulated ODA capital of approximately 3 billion Australian dollars, in which the two sides have coordinated to implement many key projects with spillover effects and positive socio-economic impacts.
The Minister shared that Vietnam highly appreciates and welcomes Australian partners who have always accompanied and supported Vietnam in the process of economic restructuring and socio-economic development in general during the past period.
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| More than 130 delegates are businesses, scientists and experts attended the workshop 'Embracing change, transformation and building and maintaining trust: Exploring the future of the Australia-Vietnam relationship'. (Photo: Anh Son) |
Promoting comprehensive cooperation with Australia
In the coming period, the Minister of Planning and Investment affirmed that Vietnam is determined to build an independent and self-reliant economy associated with active and proactive international integration, comprehensively, substantially and effectively; taking internal strength as fundamental, strategic, decisive and long-term; external strength as important and breakthrough.
At the same time, promote the implementation of 3 strategic breakthroughs in: institutions; infrastructure and human resources; promote development based on science and technology and innovation and cultural values of Vietnamese people; consider these as the main driving forces in the journey into the "new era", "the era of national development".
To achieve the above goals, the Minister said that international partners play a very important and driving role, especially partners from Australia.
Therefore, Minister Nguyen Chi Dung hopes that the two countries will first develop clean and sustainable energy . Both Australia and Vietnam have great potential in developing renewable energy such as wind power, solar power, and hydrogen energy.
Vietnam is ready to cooperate with Australia in promoting clean energy projects, not only to mitigate the impacts of climate change but also to build a greener and more sustainable economy.
Second, strengthen cooperation in technology and innovation . In the digital age, cooperation in high technology and innovation will be the focus of economic relations between the two countries.
Vietnam has issued national strategies on developing the semiconductor industry and applying artificial intelligence; has issued a program to train high-quality human resources for the semiconductor industry, information technology, etc.
Vietnam wishes to share experiences with the Australian Government and partners, as well as cooperate to develop advanced technological solutions, thereby promoting common growth.
At the same time, Vietnam hopes that Australian agencies and organizations will continue to exchange and cooperate with Vietnamese partners, especially the National Innovation Center under the Ministry of Planning and Investment, to develop the innovation and startup ecosystem in Vietnam.
Third, cooperation in high-tech agriculture . With a great demand for high-quality food and agricultural technology, Vietnam wishes to cooperate with Australia in applying smart technology to agricultural production, while developing clean agricultural products, ensuring food safety and sustainable development.
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| Delegates participating in discussion at the Workshop. (Photo: Anh Son) |
Fourth, educational cooperation and human resource exchange. One of the bright spots in the relationship between Vietnam and Australia is the close cooperation in the field of education.
Vietnam highly values Australia's advanced education system and wishes to continue promoting student exchange programs, scholarships and scientific research between the two countries, thereby developing high-quality human resources for both countries.
Fifth, on development cooperation . The Minister suggested that Australia continue to closely coordinate with Vietnam to implement practical programs and projects in line with the development orientation of both sides within cooperation frameworks such as Aus4Growth...
The Minister affirmed that the Vietnamese Government is always committed to promoting comprehensive cooperation with Australia on the basis of equality, mutual respect, and mutual benefit. Vietnam will continue to implement open-door policies, creating favorable conditions for businesses of both countries in investment, business and development.
For the comprehensive strategic partnership between the two countries to develop sustainably, it requires not only cooperation between the two governments, but also active contributions from the business community, scientists and experts.
“Vietnam wishes to build a long-term cooperative future with Australia, contributing to the prosperous development of the Asia-Pacific region and the world,” the Minister said.
Source: https://baoquocte.vn/mo-rong-quan-he-hop-tac-voi-australia-khong-chi-la-mot-mot-choice-ma-con-la-mot-chien-loc-quan-trong-cua-viet-nam-290473.html
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