Vietnam, Australia eye to step up trade, investment cooperation
Vietnamese Ambassador to Australia Pham Hung Tam has had a meeting with Australian Minister for Trade and Tourism Don Farrell to discuss opportunities for promoting trade and investment cooperation between the two countries.
Vietnamese Ambassador to Australia Pham Hung Tam (R) and Australian Minister for Trade and Tourism Don Farrell (Photo: VNA)
Sydney (VNA) – Vietnamese Ambassador to Aust⛄ralia Pham Hung Tam has had a meeting with Australian Minister for Trade and Tourism Don Farrell to discuss opportunities for promoting trade and investment cooperation between the two countries.
Farrell valued the positive developments in bilateral relations, especially the upgrade of relations to a comprehensive strategic partnership during Prime Minister Pham Minh Chinh’s official visit to Australia in March. He expressed his delight at the achievements in economic, trade, investment, and tourism cooperation between the two countries.
The host welcomed the enhancement of people-to-people exchanges between the two countries and pledged to engage with relevant authorities to create favourable conditions for Vietnamese students to study in South Australia.
Ambassador Tam mentioned the potential for economic, trade, investment, and tourism cooperation between the two countries, saying that in 2024 many delegations of localities and enterprises will visit Australia to seek opportunities for trade and investment promotion.
According to the diplomat, as many as 97,500 Australian tourists visited Vietnam in the first two months of 2024, equal to 25% of the total in 2023. The two countries have operated additional direct flights, thus further boosting the number of two-way tourists.
He proposed specific initiatives to promote economic, trade, and tourism cooperation between the two countries, including opening up markets for Vietnamese agricultural products, enhancing cooperation between retail associations, and intensifying collaboration in developing green economy and renewable energy./.
The Australian Government, through agencies and partners, have launched many official development assistance (ODA) projects in Vietnam, including those on climate change adaptation and clean energy infrastructure.
Member of the Australian House of Representatives Kevin Hogan spoke highly of Prime Minister Pham Minh Chinh’s visit to Australia in early March while meeting with Vietnamese Ambassador to Australia Pham Hung Tam on April 17.
Vietnam and Australia on April 16 vowed to strengthen climate and energy cooperation to achieve emissions reduction targets and promote sustainability in the region at the Australia-Vietnam Green Economy Summit.
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.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Despite global economic uncertainties, Binh Duong has maintained strong momentum in both exports and industrial production during the first half of 2025.
