Vietnam seeks Australian investment opportunities in Sydney

VOV.VN - The administration of Binh Duong province, in collaboration with the Vietnamese Consulate General in Sydney and Becamex IDC Corporation, organized an investment promotion seminar in Sydney on May 27.

In his remarks, Consul General Nguyen Dang Thang introduced to Australian officials and businesses the potential for expanding trade and investment in Vietnam, affirming that the two countries have treasured a close relationship in various fields, including politics, diplomacy, trade and investment.

Despite the impact of the COVID-19 pandemic, he said, two-way trade turnover between Vietnam and Australia reached a record high of more than US$12.4 billion in 2021, a year-on-year rise of 49.45%. The first four months of this year alone also saw bilateral trade grow impressively, reaching US$4.8 billion, up 32.37% compared to the same period of last year.

With regard to investment, as of March 2022, Vietnam had attracted 34,815 foreign investment projects with a total registered capital of more than US$422 billion from 140 countries and territories around the world. Of the total, Australia had 545 projects capitalized at nearly US$2 billion.

However, this number is not commensurate with the potential of the two countries, he stressed.

According to the diplomat, Vietnam and Australia have signed their enhanced economic engagement strategy for 2021-2025, aiming to become the top 10 trading partners of each other and double their two-way investment from the current AU$3.5 billion.

Vietnam will soon become a favourite destination for Australian investors thanks to its stable socio-political environment, a favourable legal framework, continuously improved infrastructure and a market of nearly 100 million consumers, he said,

Taking the floor, Vo Van Minh, head of the Binh Duong administration, emphasized that attracting foreign direct investment (FDI) is a major policy of Vietnam for socio-economic development and international integration.

He highlighted Binh Duong’s major advantages, including a favourable geographical location, modern and synchronous investment and development infrastructure, open and attractive investment environment, saying it is one of the Vietnamese localities provinces that lead the way in securing high economic growth and attracting foreign direct investment.

Currently, the province has established bilateral cooperation relations with 11 foreign localities and is an official member of 3 major international organizations.

Minh highly appreciated the potential of Australian investors and called on them to invest more in Binh Duong

Binh Duong always accompanies businesses and creates the most favorable conditions for foreign businesses, including those from Australia, to operate efficiently locally, he assured.

Andrew Parker, senior trade and investment commissioner for ASEAN at Investment New South Wales agreed that Vietnam is a favourite destination for Australian investors. He highly appreciated opportunities that ASEAN and Vietnam can bring for the Australian business community.

Parker said Australian businesses are interested in investing in areas such as food processing, software manufacturing, as well as services in Vietnam. He pledged to support local businesses to further expand their trade and investment relations with ASEAN, especially with Vietnam.

A similar seminar was held in Adelaide city of South Australia on May 25-26.

During these seminars, Becamex IDC signed cooperation documents with Commercial & General Group and Australia - Vietnam Business Council (AVBC).

According to a survey conducted by the Australian Chamber of Commerce in Vietnam (Auscham), Vietnam is considered the most favourable place to expand business among ASEAN countries. The Australian Government always considers Vietnam a priority diplomatic and economic partner in the region.

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VOV.VN - The Vietnamese Embassy in Australia, the Binh Duong provincial People's Committee, and the State Government of Victoria (Australia) co-hosted a seminar on May 24 to seek further investment opportunities in Binh Duong.

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VOV.VN - The Vietnamese Embassy in Australia, the Binh Duong provincial People's Committee, and the State Government of Victoria (Australia) co-hosted a seminar on May 24 to seek further investment opportunities in Binh Duong.