Vietnam, Australia need to develop more balanced trade: PM

Prime Minister Chinh recommended the Australian minister work closely with Vietnamese competent agencies to effectively implement the results.

Viet Nam News

Viet Nam News



Prime Minister Phạm Minh Chính (right) had talks with Australian Minister for Trade and Tourism Don Farrell in Hà Nội on Monday. — VNA/VNS Photo Dương Giang

April 19, 2023

HÀ NỘI — Việt Nam and Australia need to develop bilateral trade in a more balanced way by promoting the export of Vietnamese products to the Southwest Pacific nation, Prime Minister Phạm Minh Chính said while receiving Australian Minister for Trade and Tourism Don Farrell in Hà Nội on Monday.

Farrell is on a working visit in Việt Nam to co-chair the third Việt Nam-Australia Economic Partnership Meeting together with Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng, which took place on the same day.

Being informed by the guest on the sound outcomes of the meeting, PM Chính recommended the minister work closely with Vietnamese competent agencies to effectively implement the results and the Việt Nam – Australia Enhanced Economic Engagement Strategy (EEES) announced in December 2021.

The host and guest reviewed and lauded achievements in the bilateral ties as this year marks the 50th founding anniversary of their diplomatic relations, which was upgraded to a strategic partnership in March 2018. In their meeting earlier this month, Vietnamese President Võ Văn Thưởng and Australian Governor-General David Hurley agreed to exchange views on the upgrade of the relationship to a comprehensive strategic partnership at an appropriate time in the future.

Last year, bilateral trade hit US$15.7 billion, up nearly 27 per cent year on year. Việt Nam is now Australia’s 10th biggest trading partner and Australia is Việt Nam’s 7th largest trading partner.

Việt Nam was implementing three strategic breakthroughs – institutional building, human resource and infrastructure development, PM Chính said, noting that in the process, the country had always received support from Australia.

He took this occasion to thank Australia for assisting Việt Nam in COVID-19 prevention and control and socio-economic recovery.

The PM proposed Australia make it easier for Vietnamese electronic, footwear, textile, and agricultural products to access its market and give a boost to a number of fields where both nations have strength such as education-training, digital economy, innovation, renewable energy, labour, tourism, people-to-people exchange, and high-tech farming.

He hoped that Farrell, in his post, would make contributions to fostering bilateral trade and cooperation towards effectiveness and practical outcomes, helping the two sides fully tap their potential.

PM Chính expressed his wish that Australia would share experience to help Việt Nam build an independent, self-reliant economy in association with extensive and effective international integration, particularly in the fields of innovation, capital support, technology, personnel training, and management experience serving such areas as digital economy, green economy, circular economy, energy transition, and climate change.

He asked the minister to convey his invitation to the Australian PM to visit Việt Nam at an appropriate time.

Agreeing with the host’s suggestions, Farrell said he would collaborate with Vietnamese ministries and agencies to realise the PM’s wishes.

He affirmed that Australia wanted Việt Nam to play a more important role in the country’s trade partner diversification strategy and act as a bridge to promote its relationship with the Association of Southeast Asian Nations (ASEAN). — VNS

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