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Vietnam seeks Australian investment opportunities in Sydney | Economy

Sydney (VNA) – Binh Duong Province, in collaboration with the Consulate General of Vietnam in Sydney and Becamex IDC Corporation, held an investment promotion seminar in Sydney on Friday (May 27).

Consul General Nguyên Dang Thang at the seminar in Sydney on May 27. Photo: VNA

In his remarks, Consul General Nguyên Dang Thang presented Australian officials and businesses with the potential for expanding trade and investment in Vietnam, saying that the two countries enjoy close relations in various fields, including politics, diplomacy , trade and investment.

Despite the impact of the Covid-19 pandemic, trade between Vietnam and Australia hit a record high of over $12.4 billion in 2021, a year-on-year increase of 49.45 percent, he let know.

In the first four months of this year alone, bilateral trade also saw impressive growth, reaching $4.8 billion, up 32.37 percent from the same period last year. , he continued.

As of March 2022, Vietnam has attracted 34,815 foreign investment projects with a total registered capital of over US$422 billion from 140 countries and territories around the world. Of this total, Australia had 545 projects capitalized at nearly US$2 billion.

However, this record is not commensurate with the potential of the two countries, the diplomat stressed.

Vietnam and Australia signed their Enhanced Economic Engagement Strategy for 2021-2025, aiming to become one of each other’s top 10 major trading partners and double their bilateral investment from the top 3, 5 billion current Australian dollars.

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

Speaking, Chairman of the People’s Committee of Binh Duong Province, Vo Van Minh, pointed out that attracting foreign direct investment (FDI) is a major policy of Vietnam for its socio-economic development and international integration.

He pointed out the main advantages of Binh Duong, including favorable geographical location, modern and synchronous investment and development infrastructure, open and attractive business environment, saying that it is one of the Vietnamese provinces that opens the way to ensure high economic growth and attract FDI.

Currently, Binh Duong Province has established bilateral cooperation relations with 11 foreign localities and is an official member of three major international organizations.

Vo Van Minh spoke highly of the potential of Australian investors and called on them to invest more in Binh Duong.

Binh Duong always accompanies companies and creates the most favorable conditions for foreign companies, including those from Australia, to operate effectively on the spot, he said.

Senior Trade and Investment Commissioner for ASEAN at Investment New South Wales, Andrew Parker, agreed that Vietnam is a favorite destination for Australian investors. He spoke highly of the opportunities that ASEAN and Vietnam can bring to the Australian business community.

He said Australian companies are keen to invest in areas such as food processing, software manufacturing, as well as services in Vietnam. He pledged to support local businesses to strengthen their trade and investment ties with ASEAN, especially with Vietnam.

A similar seminar took place on May 25 and 26 in the city of Adelaide in the State of South Australia in Australia.

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

According to a survey conducted by the Australian Chamber of Commerce in Vietnam (AusCham), Vietnam is considered the most favorable place to develop business among ASEAN countries. The Australian government continues to view Vietnam as a priority diplomatic and economic partner in the region. – VNA

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