On the sidelines of the Special Summit to celebrate 50 years of ASEAN-Australia relations held in Melbourne, Australia, a Memorandum of Understanding between the Vietnam Trade Promotion Agency and the Australian Trade and Investment Commission was signed to enhance cooperation in trade and investment promotion between the two countries.
The signing of the Memorandum of Understanding will help the two sides create a stable, sustainable and systematic cooperation mechanism; thereby establishing a plan to implement trade promotion and export promotion activities in the coming time, contributing to promoting the cooperative relationship between the Vietnam Trade Promotion Agency and the Australian Trade and Investment Agency in particular, thereby strengthening the economic and trade cooperation relationship between Vietnam and Australia in general.
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| The Memorandum of Understanding between the Vietnam Trade Promotion Agency and the Australian Trade and Investment Agency was signed to enhance cooperation in the field of trade promotion and investment promotion between the two countries. |
The main contents of the Memorandum of Understanding on cooperation in implementing export promotion activities include: Strengthening information exchange, coordinating the implementation of trade promotion activities; creating opportunities, connecting businesses of both sides to learn about the market, find partners through trade promotion activities, export promotion. In addition, the Memorandum of Understanding also aims to determine the scope of cooperation and framework conditions for the Trade Promotion Department and the Australian Trade and Investment Agency to implement cooperation activities in accordance with the laws and regulations of the host country.
The cooperation contents in the Memorandum of Understanding include: Exchange of market information; Exchange of trade delegations; Participation in fairs, exhibitions and trade promotion activities; Promotion of information technology and digital transformation; Research and development of common capacity development programs...
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| The Memorandum of Understanding will help the two sides create a stable, sustainable and systematic cooperation mechanism in trade and investment promotion activities. |
After 50 years of establishing diplomatic relations, Vietnam - Australia relations are developing strongly, substantially and effectively in many fields. Australia's non-refundable ODA projects are basically being implemented effectively, meeting Vietnam's development requirements.
In the 2022-2023 period, the Australian Government increased ODA aid to Vietnam by 18% from 78.9 million to 92.8 million AUD (Australian dollars). Two-way trade turnover grew strongly. In 2022, the trade scale between the two countries reached 15.7 billion USD, an increase of 26.9% compared to 2021. Two-way investment cooperation achieved good results, Australia is the 20th largest foreign investor in Vietnam with 593 projects with a total registered capital of more than 1.99 billion USD. Vietnam's investment in Australia reached over 593 million USD with 90 projects, making Australia the 11th largest country out of 79 countries and territories that Vietnam directly invests abroad.
The Australian Trade and Investment Commission in Vietnam (Austrade) is the Australian Government’s trade, investment and education promotion agency. Established in 1986, Austrade is responsible for coordinating and supporting the country’s export promotion programs, and has been responsible for tourism development policy research since 2013.
Through its global network of offices, Austrade aims to support Australian businesses to connect with buyers in overseas markets, attract foreign direct investment into Australia and promote the Australian brand and national image internationally.
According to information from the Trade Promotion Agency, in 2023, for the Australian market, the National Trade Promotion Program supported 14 enterprises to participate in the project "Organizing participation in the International Sourcing Expo Australia (ISEA) and trading in the Australian market" chaired by the Vietnam Textile and Apparel Association in Melbourne, Australia.
It is known that in 2024, the National Trade Promotion Program will implement two projects in the Australian market. One is the project "Organizing participation in the International Sourcing Expo Australia combined with surveying the Australian textile and garment market" chaired by the Vietnam Textile and Apparel Association, expected to be implemented in November 2024 in Melbourne, Australia. Two is the project "Organizing trade delegations in Australia and New Zealand" chaired by the Vietnam Rubber Association, expected to be implemented in the fourth quarter of 2024 in Australia and New Zealand.
According to the Trade Promotion Agency, in 2024, to promote trade promotion activities and export promotion to the Australian market, the Trade Promotion Agency will closely coordinate with the Vietnam Trade Office in Australia in the process of providing updated information on the Australian market situation; opportunities and challenges when exporting to the market. At the same time, recommendations will be made to support Vietnamese enterprises to enhance their capacity, competitiveness and brand to promote the export of Vietnamese products and goods to the Australian market.
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