Australian media: TPP to boost Vietnam-Australia business ties
The Australian Associated Press (APP) news agency on October 17 reported that business ties between Australia and Vietnam are expected to grow further after the TPP comes into effect.
An assembly plant in Australia (Source: heraldsun.com.au)
The Australian Associated Press (APP) news agency on October 17 reported that business ties between Australia and Vietnam are expected to grow further after the Trans-Pacific Partnership (TPP) agreement comes into effect, quoting remarks of many analysts and diplomats.
Hanoi-based World Bank economist Sandeep Mahajan said the TPP marks a major plus for Vietnam’s economy and is set to add a cumulative 8 percent to gross domestic product (GDP) by 2030.
The question is how much benefit that Vietnam could achieve from the trade pact, not whether they can derive benefit, he told AAP.
Meanwhile, charge d’Affaires at the Australian Embassy in Hanoi Layton Pike, said the TPP will boost two-way trade, which is already valued at more than 8 billion AUD (5.8 billion USD) annually.
Particularly, the pact will enable Australian investors to make inroad into Vietnam ’s education market, currently Australia ’s third largest.
He noted that Australian agricultural producers are also looking to increase market share in Vietnam, triggering concerns that Vietnamese farmers could lose out to more efficient Australian producers.
Brian O’Reilly, President of Australian Chamber of Commerce in Vietnam, said Vietnam offers potential for Australian investors seeking access to markets in other ASEAN countries.
“ASEAN is the place where you can establish in one country (Vietnam) with the TPP in place, and grow into the rest of the ASEAN community,” the news agency quoted O’Reilly as saying.-VNA
Vietnamese and Australian experts and managers involved in mining held a workshop in Hanoi on June 29 to discuss cooperation in sustainable mineral development.
The Australian University of Technology in Sydney (UTS) and the Vietnam Academy of Science and Technology (VAST) signed an agreement on cooperation in masters of science and doctors training.
Trade between Vietnam and Australia is expected to see strong growth once the Trans-Pacific Partnership (TPP) agreement – which involves the two of them and 10 other countries – comes into effect.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
An assembly plant in Australia (Source: heraldsun.com.au)
