Ba Ria Vung Tau emerges as competitive destination for Australian investment
VOV.VN - The southern province Ba Ria-Vung Tau in Vietnam has emerged as a foreign investment hub and an ideal location for Australian economic diversification, as well as serving to deepen economic ties with Australia.
This assessment was made in a report recently conducted by the Perth-based USAsia Center as Canberra is recalibrating economic ties in the Indo-Pacific region, shifting its focus on developing trade and investment relations with countries throughout Southeast Asia.
According to the report, Ba Ria-Vung Tau represents an ideal focal point for efforts to upgrade joint economic ties, as new infrastructure development projects such as seaports and airports have made the locality a highly competitive destination for Australian investment.
Kyle Springer, policy fellow at the Perth USAsia Centre, attributed the locality’s strengths to the presence of numerous Australian businesses, developed infrastructure, geographical advantages, as well as diplomatic and economic frameworks between the two countries.
He pointed out that the state of Western Australia also signed a memorandum of understanding (MoU) with Ba Ria Vung Vung last year, aiming to develop closer trade linkages between the administrations and businesses of the two sides.
Recent years has seen the Vietnam-Australia trade value enjoy a steady increase, accounting for 15% of the total trade turnover between Australia and ASEAN last year.
The report outlines that with the implementation of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam – Australia trade ties are anticipated to witness robust growth moving forward.
