The third Vietnam-Australia Economic Partnership Meeting was held in Hanoi on 17 April 2023, under the co-chair of Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade and Tourism Don Farrell. The EPM is a forum at which policies can be addressed that have, in the past, been seen as impediments to closer relations.
Addressing the event, Mr Dung said that the Vietnam-Australia economic cooperation has seen strong growth over the years. Since the two sides elevated their ties to a strategic partnership in 2018, they have become partners in many areas from trade, investment, development investment, agriculture, education and training.
Last year, two-way trade rose 26.9% to US$15.7 billion, including Vietnam’s exports of US$5.6 billion, making Australia its seventh biggest export market. In turn, Australian exports of goods and services to Vietnam increased by 36% last year, making Vietnam the tenth largest export destination for Australia.
Mr Farrell affirmed that cooperation between Australia and Vietnam has been fruitful in all fields, especially trade, investment, education and training. He said he believes that the meeting will open up new development orientations for the Vietnam-Australia partnership.
At the meeting, the two sides discussed measures to further foster the Vietnam-Australia economic ties, evaluate the implementation of the Vietnam-Australia Enhanced Economic Engagement Strategy and the outcomes of working groups on ODA, foreign investment and trade, and listen to recommendations from businesses of both sides on measures to improve the business environment quality.
Participants also discussed cooperation between the two countries at multilateral and regional forums such as the Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation (APEC), World Trade Organisation (WTO), Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), and the Indo-Pacific Economic Framework (IPEF).
A summary of the meeting, indicating eight main points of agreement, has been issued by the Government, in a Joint communiqué between Senator the Hon Don Farrell, Australia’s Minister for Trade and Tourism, and His Excellency Dr Nguyen Chi Dung, Vietnamese Minister of Planning and Investment. It is posted online at THIS LINK.
Participants agreed to organise the fourth Vietnam-Australia Economic Partnership Meeting in Australia at a convenient time.
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