return icon Vietnamnet.vn

Vietnam, Australia target $10 billion in trade in 2020

Vietnam and Australia on August 23 agreed to raise bilateral trade from nearly 7.8 billion USD in 2018 to 10 billion USD next year.

 

 

{keywords}
The talks between Vietnamese Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison in Hanoi on August 23

 

The consensus was reached during the talks in Hanoi between Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison, who is paying an official visit to Vietnam from August 22-24.

The two leaders said although Australia’s investment in Vietnam is remarkable, with nearly 500 projects and combined investment capital exceeding 2 billion USD, the countries still hold a lot of potential and strength in this regard.

The two sides, therefore, concurred to build an enhanced economic engagement strategy with the aim of becoming top ten trade partners and doubling investment.

They will also push ahead with the first ministerial-level Vietnam-Australia economic partnership meeting to further boost the bilateral relations in trade, investment and development cooperation.

The sides will step up two-way connectivity, expand collaboration in energy security and seize digital opportunities, including digital economy and e-government.

PM Phuc hailed Australia to send a delegation of top businesses to Vietnam in 2020.

PM Morrison agreed to facilitate market access for Vietnamese aquatic and agricultural products, saying Australia is considering the import of Vietnamese live shrimp and fresh longan.

The leaders affirmed their support for the rules-based multilateral trading system and cooperation to promote regional economic integration through free trade agreements to which both countries are signatories such as the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as cooperation in multilateral economic frameworks, including the Asia-Pacific Economic Cooperation (APEC) forum and the Asia-Europe Meeting (ASEM).

They noted with pleasure the strong, dynamic and effective development of the Vietnam-Australia relationship over the past time, saying the two countries hold substantial potential to strengthen their ties.

They spoke highly of the regular exchange of all-level delegations through all channels and consented to start the annual meeting mechanism of high-ranking leaders, while maintaining the meeting mechanisms at the foreign affairs, national defence and economic ministerial levels established within the strategic partnership.

The two sides took note of the effective and result-oriented cooperation in national defence and security, especially Australia’s assistance to Vietnam in joining United Nations peacekeeping operations.

The PMs are scheduled to engage in an exchange with Vietnamese peacekeeping forces being trained by the Australian side at the Military Medical University during PM Morrison’s visit.

PM Phuc suggested the two sides expand partnerships in potential spheres like defence industry, cyber security and training connectivity.

PM Morrison agreed to enhance bilateral security cooperation, covering navigation and cyber security, and join hands in fighting cross-border crimes, human trafficking and terrorism.

The leaders shared the view that people-to-people exchange has developed strongly thanks to progress in cooperation in education, culture, tourism, labour and sports.

PM Phuc welcomed Australia’s announcement that from September 2 this year, Australia will increase the number of Work and Holiday Maker visa places for Vietnamese nationals from 200 to 1,500.

They committed to cooperating in coping with climate change, reducing plastic waste and exploiting seafood sustainably.

Apart from bilateral ties, host and guest touched upon regional and international strategic and security issues.

Australia committed to extending strong support to Vietnam in assuming the role of the ASEAN Chair in 2020 and as non-permanent member of the UN Security Council in 2020-2021.

Meanwhile, PM Phuc said Vietnam backs Australia’s efforts to boost connectivity with ASEAN, expressing his hope that Australia will strengthen its cooperation with countries in the Mekong sub-region in areas such as connectivity, ICT, climate change adaptation and water resource management.

Regarding the East Sea, the PMs expressed serious concerns about developments in the East Sea, including land reclamation and militarisation of disputed features.

They also expressed concern about disruptive activities in relation to long-standing oil and gas projects in the East Sea.

The two leaders emphasised the importance of freedom of navigation and overflight, compliance with international law and maintaining a rules-based order.

They called on all parties to exercise self-restraint and avoid actions that may further complicate the situation.

They also reaffirmed the need for states to resolve disputes peacefully, without the threat or use of force in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The Prime Ministers underscored the importance of UNCLOS dispute settlement mechanisms and called upon the parties to respect and implement the decisions rendered by these mechanisms.

They reiterated the importance of the full and effective implementation of the Declaration on the Conduct of Parties in the East Sea (DOC).

They called for any Code of Conduct between ASEAN and China to be fully consistent with international law, in particular UNCLOS.

PM Phuc said he believes that Morrison’s first official visit to Vietnam in his capacity as Prime Minister of Australia will significantly contribute to consolidating the friendship and developing the strategic partnership between the two countries.

PM Morrison lauded major achievements Vietnam has recorded in national construction and development which, he said, have helped to improve its role and position in the region and the world, especially within ASEAN and the UN.

Australia always attaches importance to enhancing relations with Vietnam – its key strategic partner in ASEAN and the region, he said.

Following the talks, the PMs witnessed the signing of five cooperation documents in the fields of e-Government, finance, human trafficking combat and aviation services.

They then co-chaired a press conference to announce outcomes of their talks.-VNA

MORE NEWS

Wild sunflowers in bloom in northwestern Dien Bien Province

The wild sunflower is a shrub with an average height of about 2m - 3m. Its plant stem is dark green and erect. When the trunk turns to wood, it is grey-brown. It grows alone or in clusters, and the buds bloom at the beginning of winter.

HCM City to ban sleeper buses entering downtown from mid-December

The HCM City Department of Transport has proposed to ban sleeper buses entering the city centre between 6am and 10pm from the middle of next month in an effort to crack down on picking up and dropping off passengers illegally.

Low pay, high stress lead teachers to question their careers

Nhat Tien, a teacher at a primary school for autistic children in HCM City’s District 3, has been thinking about quitting her job for many times.

Dinh Hong Quan to defend IBF title

International Boxing Federation (IBF) champion Dinh Hong Quan is set to defend his title on December 10 at the Grand Ho Tram Resort in the southern coastal province of Ba Ria-Vung Tau.

Vietnam records boom in number of Japanese restaurants nationwide

The number of Japanese restaurants across the country has enjoyed strong growth in terms of scale and number, particularly in Ho Chi Minh City.

HCM City association to host first international photography fest

The HCM City Photography Association (HPA) is hosting the first-ever international photography festival from November 25-30.

VIETNAM BUSINESS NEWS NOVEMBER 26

Big supermarkets join Promotion Month 2022

Missosology picks locals contestant among Top 3 at Mister Grand International

Missosology, the world’s leading publication on beauty pageants, has named Vietnamese representative Vu Linh among its hot picks of the Top 3 currently participating in the Mister Grand International 2022 pageant.

HIV infections rise among people under 29

The number of young people catching HIV has seen an upward trend recently, with 50% of new cases being under the age of 29.

Three female scientists receive L’Oreal-UNESCO awards

Three female scientists were granted the 2022 L'Oreal-UNESCO awards at a ceremony in Hanoi on November 25.

Vietnam has two more named in Asia-Pacific documentary heritage list

Two heritage pieces of Vietnam were recognised as part of documentary heritage in Asia and the Pacific on November 26, at the 9th general meeting of the Memory of the World Committee for Asia and the Pacific.

VIETNAM NEWS HEADLINES NOVEMBER 26

NA Chairman Hue to visit Australia, New Zealand

Big firms absent from 'good governance' list

The list of companies recognized as having the best transparency and governance on the Hanoi Stock Exchange (HNX) doesn’t include many well-known names.

People must live in rooms of at least 8sq.m to register for permanent residence

The Hanoi People’s Council plans to require at least 8 sq m of living space in state-owned properties and 20 sq m in non-state owned properties for registered permanent residence.

80% of wind power projects operate at moderate level as tariff is unclear

Many wind power projects in Quang Tri are behind schedule because of unfavorable weather conditions, the impact of the Covid-19 pandemic, slow site clearance and an unclear tariff scheme.
back_to_top