The Ministry of Industry and Trade said that on the morning of March 5, during his participation in the Special Summit to celebrate 50 years of ASEAN-Australia relations and his official visit to Australia, Prime Minister Pham Minh Chinh attended the Vietnam-Australia Business Forum.
Committed to facilitating Australian investors
Right before the Vietnam - Australia Business Forum, Minister of Industry and Trade Nguyen Hong Dien met and worked with a number of large businesses and investors in Australia interested in investing in the industrial and commercial sectors in Vietnam such as: Mr. Manny Stul, Moose Toys Company; Mr. Jony Davis - Unified Investment Fund; Mr. Julius Wei - BMYG Investment Fund...
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| Minister Nguyen Hong Dien meets with Australian businesses on the sidelines of the Vietnam - Australia Business Forum |
At the meeting, Mr. Manny Stul, billionaire, owner of a world-leading toy company that currently has production contracts with Vietnamese enterprises, expressed his desire to increase investment in Vietnam and build a research and manufacturing team in Vietnam. Mr. Julius Wei also wanted to explore investment opportunities in the renewable energy sector. Mr. Jony Davis was interested in investing in the education sector, especially in training human resources for the Industry and Trade sector. He has just arrived in Vietnam and has great confidence in the socio-economic development of Vietnam in general, and the industry and trade sector in particular.
Minister Nguyen Hong Dien introduced some potentials and strengths in investment and development of industry and trade in Vietnam, especially in the context of Vietnam's deep international economic integration and the upgrading of the partnership between the two countries during the visit of Prime Minister Pham Minh Chinh. The Minister emphasized some issues on energy conversion, implementation of the Power Plan VIII, investment in developing power sources and transmission systems; along with the market of nearly 100 million people... Enterprises can come to Vietnam to learn and participate in investing in many specific projects. The Ministry of Industry and Trade always welcomes, accompanies and supports enterprises within its capacity and scope of management...
The Minister said that in recent times, the Governments of both countries have paid attention to and considered economic and trade as one of the three pillars, and the number 1 pillar in the Strategic Partnership Action Program for the period 2020 - 2023. Based on the results of trade cooperation that the two countries have achieved in recent times, we have grounds to be optimistic about the prospects of economic and trade cooperation. The two economies are highly complementary, in which Vietnam is strong in electronics, machinery, textiles, footwear; Australia has many resources, high-quality fuel, strengths in agricultural exports, energy development, etc.
Minister Nguyen Hong Dien said that there is still a lot of room to promote trade and industrial cooperation between the two countries. Vietnamese products exported to Australia are relatively diverse, with the largest proportion being phones and components, machinery, electronic components, computers, crude oil, textiles, footwear, seafood, etc. On the other hand, Vietnam mainly imports coal, iron ore, cotton, wheat, metals, vegetables, etc. from Australia.
In particular, in January 2024, many of Vietnam's strengths, although export turnover to Australia is still modest, witnessed strong growth such as: Coffee (+483.3%), iron and steel of all kinds (+386.7%), paper and paper products (+165.9%), rice (+84.9%)...
In particular, according to the Minister, cooperation in education and training will be a new goal of the two countries, including vocational training. "The Vietnamese industry and trade sector has dozens of universities and colleges, where Australian businesses can invest and develop in the education sector" - the Minister introduced and affirmed that, within its duties, functions and powers, the Ministry of Industry and Trade will continue to create all favorable conditions for investment activities of Australian businesses in Vietnam.
Encouraging Australian businesses to invest in renewable energy in Vietnam
On the afternoon of March 5, 2024, on the sidelines of the Special Summit to celebrate the 50th anniversary of ASEAN - Australia relations and the official visit to Australia by Prime Minister Pham Minh Chinh, Minister of Industry and Trade Nguyen Hong Dien had a bilateral working session with Australian Minister for Climate Change and Energy Chris Bowen.
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At the meeting, the two Ministers shared that the two countries have a lot of potential for cooperation in the energy sector, especially renewable energy.
Minister Chris Bowen emphasized the role of offshore wind power, Australia's strengths in providing fuels such as coal, gas, and LNG for electricity production, and emphasized the two countries' new cooperation goals towards a comprehensive strategic partnership framework.
Appreciating the warm welcome from Australia in general and the interest of Australian businesses in the Vietnamese market in particular, demonstrated through the Business Forum held on the same day, Minister Nguyen Hong Dien highlighted Vietnam's strengths in population, large energy demand, natural advantages for solar and wind energy production... as very potential investment cooperation opportunities in the energy sector for Australian businesses.
With Australia's financial, technological and experience strengths in this field, Vietnam hopes that Australia will cooperate with Vietnam in mineral exploitation and processing, investment in production and human resource training in the field of renewable energy... with the motto of mutual benefit and support for Vietnam in achieving the goal of energy transition and net zero by 2050.
At the end of the working session, Minister Nguyen Hong Dien emphasized that the Memorandum of Understanding on establishing a ministerial dialogue mechanism on energy and minerals, which will be signed and exchanged in the presence of the two Prime Ministers, will be an important cooperation mechanism in the energy sector. With this mechanism, the two sides will have many opportunities to exchange and promote stronger cooperation in the energy and mineral sectors, and at the same time, it will be the basis for Australia to continue to be a partner in providing important and sustainable materials such as coal and LNG for the electricity, energy and fertilizer production sectors in Vietnam.
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