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Vietnam takes synchronous measures to draw Australian capital: official

Vietnam will continue with synchronous measures to attract foreign investment effectively, especially from Australia, said deputy head of the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency (FIA) Vu Van Chung at the Vietnam-Australia Investment Forum held in Hanoi on April 17.
Vietnam takes synchronous measures to draw Australian capital: official ảnh 1At the event (Photo: VNA)

Hanoi (VNA) – Vietnam will continue with synchronous measures to attractforeign investment effectively, especially from Australia, said deputyhead of the Ministry of Planning and Investment (MPI)’s Foreign InvestmentAgency (FIA) Vu Van Chung at the Vietnam-Australia Investment Forum held inHanoi on April 17.

Theevent was held by the MPI in collaboration with the Australian Embassy inVietnam and the Australian Trade and Investment Commission (Austrade).

As ofMarch, Australia poured 1.99 billion USD into 593 valid projects in Vietnam, accounting for 0.4% of the country's total foreign direct investment and ranking 20th out of143 countries and territories investing in the Southeast Asian nation, mostlyin manufacturing and processing, lodging and accommodation,agro-forestry-fisheries, said the FIA.

During2021-2022, two-way trade rose by roughly 40% to 33 billion AUD, with Australia’sexports to Vietnam surging 50% to 20.5 billion AUD year-on-year. Australiais also assisting Vietnam in coping with climate change and achieving net zero emissionsby 2050.

Chungsaid in the short-term, Vietnam will renew its mindset, fine-tune mechanismsand policies on foreign investment, step up three strategic breakthroughsregarding mechanisms, infrastructure and human resources while propelling developmentbased on sci-tech and innovation.

All policies and regulations are aimed for internationalstandards, he said, adding that Vietnam’s sustainable development and FDIattraction are for the success of businesses, with a win-win approach for allparties.

DeputyMinister of Planning and Investment Nguyen Thi Bich Ngoc said both sides needto continue upholding the role and effectiveness of the Vietnam-AustraliaEconomic Partnership Meeting, which is an important channel for economicexchange and cooperation between the two countries, creating favourableconditions for their businesses to operate effectively.

The MPI vows to offer all possible support to foreigninvestors, including those from Australia, to do business effectively andsustainably in Vietnam, she said.

SenatorDon Farrell, Australian Minister for Trade and Tourism, said enhancingcooperation with Vietnam is a priority of the Australian Government, throughdiversifying trade and investment links and building the Southeast AsiaEconomic Strategy till 2040. Vietnam brings important trade and investmentopportunities in the next decades, he added.

With twoin-depth discussions on value chain and investment environment in Vietnam,representatives from the two countries’ businesses and management agencies discussedissues related to agriculture, food, education, logistics, renewable energy andtechnology.

Since their diplomatic ties were set up 50 years ago, thestrategic partnership between Vietnam and Australia has been developingstrongly, substantively and effectively in various areas. During 2022-2023, theAustralian Government increased its official development assistance to Vietnamby 18%, from 78.9 million AUD to 92.8 million AUD. Two-way trade hit15.7 billion USD last year, up 26.9% from 2021.

💝 Significant progress has also been seen in education-training, sci-tech, innovation, agriculture andrural development, labour and transportation./.

VNA
#Ministry of Planning and Investment #Vietnamplus #Vietnam News Agency #Vietnam-Australia Investment Forum #Australian Trade and Investment Commission Australia Vietnam

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