Deputy PM visits Australia to beef up bilateral ties

Deputy Prime Minister Vuong Dinh Hue (L) shakes hands with Australian Treasurer Scott Morrison (Photo: VNA)

Sydney (VNA) – Deputy Prime Minister Vuong Dinh Hue held
working sessions with some Australian officials on July 24 to seek measures to
further foster partnership between the two countries.

At a meeting with Treasurer Scott Morrison, Deputy PM Hue, who is on a
visit to Australia from July 23-25, highly valued Australia’s commitment to
continue providing development assistance to Vietnam in various fields such as environment,
the improvement of livelihoods for mountainous and rural areas, climate change
response, and gender equality.

Morrison lauded Vietnam’s role as the host of the APEC 2017 with many
important meetings. Vietnam has also devised the agenda for the event, which received
high approval from member economies, he said.

He affirmed Australia’s policy of giving top priority to cooperation
with the ASEAN and the country’s wish to help promote ASEAN’s solidarity,
self-reliance, prosperity and central role in the region.

The two sides agreed that bilateral partnership is experiencing a sound
period, with strong collaboration in economy, trade and investment. They lauded
the close ties between the Ministry of Finance of Vietnam and Australia’s
Treasury, with the signing of a memorandum of understanding on cooperation in

The two sides are also discussing the signing of another deal for the
new period to 2020, aiming to share experience in finance-budget, state budget
allocation and the management of bad debt and public debt of joint stock
commercial banks, and maintaining the macro economy’s stability.

Both sides agreed to foster cooperation within multilateral economic
forums and organization such as the Trans-Pacific Partnership (TPP) and the
Asian Infrastructure Investment Bank (AIIB).

At a meeting of the New South Wales Local Government Minister Gabrielle
Upton, Deputy PM Hue praised the positive contributions of New South Wales to the
growth of the Vietnam-Australia partnership, especially in education, tourism,
people-to-people contact.

He expressed hope that with high potential in industry, agriculture,
finance and service, New South Wales will continue acting as a pioneer in boosting
the Vietnam-Australia economic relations.

Upton stated that the New South Wales Government always attaches much
importance to cooperation with Vietnam, pledging to encourage local firms to strengthen
investment and business in Vietnam in promising areas such as education, coal
and gas export and energy security.

She declared that New South Wales always creates the best conditions for
the 120,000-strong Vietnamese community to settle in and develop.

Also on July 24, Deputy PM Hue attended the Vietnam-Australia Business
Dialogue that drew 150 delegates from leading Vietnamese and Australian firms
in diverse areas such as rice production and import, seafood, banking, urban
planning, IT, mining and logistics.

Addressing the event, Deputy PM Hue noted that Australia is now the 19th largest investor in Vietnam with 407 projects worth 1.85 billion USD. Australia
is also an important market of Vietnamese investors who are running 36 projects
with total capital of nearly 200 million USD in the country.

Australia is also the seventh largest trade partner of Vietnam. Two-way
trade reached about 5.3 billion USD in 2016, with Vietnam’s exports valued at 2.86
billion USD.

He held that bilateral trade will be further developed thanks to such
cooperative frameworks as the ASEAN-Australia free trade agreement, APEC, and
the future Regional Comprehensive Economic Partnership (RCEP) and TPP (if it is
to be deployed).

He suggested that Australian enterprises should expand investment activities
in Vietnam in the manufacturing industry, energy, infrastructure building,
service-education-tourism, agriculture, food processing, and minerals.

Director of the Austrade CEO Stephanie Fahey highlighted the development
of bilateral partnership strategy in agriculture, food, education and
infrastructure. He affirmed that Austrade will work hard to connect businesses
of both sides for the completion of the strategy.

At the event, many enterprises showed interest in investing in Vietnam,
especially rice development, aquatic farming and breweries. They also asked for
the Vietnamese Government’s support during their investment.-VNA

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