Prime Minister encourages Australian companies to make investments in fresh growth drivers in Vietnam

DNHN - On the morning of March 5 (local time), in Melbourne, Prime Minister Pham Minh Chinh attended the Vietnam - Australia Business Forum.

According to the special correspondent of the Vietnam News Agency, during the programme to attend the Special Summit commemorating the 50th anniversary of ASEAN - Australia relations and pay an official visit to Australia, on the morning of March 5 (local time), in Melbourne, Prime Minister Pham Minh Chinh attended the Vietnam - Australia Business Forum.

The forum was jointly held by the Ministry of Planning and Investment, the Vietnamese Embassy in Australia, the Australian Trade and Investment Commission (Austrade), and the Australian Embassy in Vietnam.

Attending the forum from the Vietnamese side were the Minister of Planning and Investment Nguyen Chi Dung; Minister of Industry and Trade Nguyen Hong Dien; Minister, Chairman of the Government Office Tran Van Son; Minister of Education and Training Nguyen Kim Son, and leaders of ministries, sectors, and localities.

On the Australian side, there were Co-Minister of Manufacturing and Trade Tim Ayres; Victorian Premier Jacinta Allan; and leaders of business associations. Notably, the forum was attended by leaders of nearly 200 Vietnamese and Australian businesses.

On the back of the sound development of Vietnam-Australia relations over the past 50 years, trade and investment cooperation between the two countries has been increasingly promoted and expanded. To date, with over 630 projects and more than 2.03 billion USD in registered capital, Australia ranks 20th out of 145 countries and territories investing in Vietnam, mostly in the processing and manufacturing sector. Vietnam has invested in over 90 projects in Australia with a total capital of more than 550 million USD. In 2023, bilateral trade reached about 14 billion USD, making the two countries among each other’s top 10 trading partners.

At the forum, delegates were introduced to the cooperation situation and potential investment opportunities in Vietnam and Australia. Representatives of businesses from the two countries introduced their capacity and their wishes, plans for cooperation and investment.

Assessing Vietnam’s leading advantage in the global energy transition picture, the leader of Blackstone Minerals said that with many significant investment projects in Vietnam, the company will continue to expand its long-term and stable investment in Vietnam…

Meanwhile, considered the Vietnamese enterprise with the largest investment in Australia, a representative of the TH Group assessed the investment cooperation in the field of high-tech agriculture of Vietnamese enterprises in Australia.

From an investor’s perspective, Mr Andy Ho, CEO of the Investment Council, VinaCapital, said that the company has a long history and has made significant contributions to attracting foreign investment into Vietnam; he highly appreciated the potential and called on Australian investors to explore investment and development in the financial market, real estate, technology, and logistics in Vietnam…

Speaking at the forum, Prime Minister Pham Minh Chinh highly appreciated the organisation of the forum at RMIT University, Melbourne - two places that create momentum and inspire the relationship between the two countries.

The Prime Minister was pleased to announce that during this visit, the two sides are expected to announce the upgrading of bilateral relations, which will become increasingly in-depth, substantive and effective; affirming that although the geographical distance may be far, the hearts and cooperation between the two sides cannot be hindered, for the benefit of the two peoples, contributing to peace, stability, cooperation and development in the region and the world. The Prime Minister hopes that businesses will contribute to this.

In particular, Prime Minister Pham Minh Chinh expressed his wish and expectation for “5 more things” when the bilateral relationship is upgraded: better political trust, higher economic trade and investment cooperation, stronger scientific-technological cooperation, innovation, deeper cooperation in education and training, cultural exchange, people-to-people exchange, and stronger cooperation in tourism and labour.

Outlining the major features of Vietnam’s policies and development achievements in recent years, Prime Minister Pham Minh Chinh said that economic, trade and investment cooperation is an important pillar in bilateral relations. The results achieved are commendable, but they are still modest compared to the potential and cooperation space between the two countries. Therefore, the Prime Minister hopes that the associations, business communities, and investors of the two countries will further promote cooperation.

Prime Minister Pham Minh Chinh affirmed that the governments of the two countries will continue to create favourable conditions for this cooperation. The Vietnamese Government will protect the legitimate rights and interests of businesses and investors; continue to promote 3 strategic breakthroughs (institutions, infrastructure and human resources), reform, simplify administrative procedures, and reduce costs for investors. The Prime Minister suggested that Australia support Vietnam in the above-mentioned 3 strategic breakthroughs.

In the process of cooperation, there will inevitably be difficulties and obstacles. Prime Minister Pham Minh Chinh suggested that the two sides resolve them based on harmonised interests, shared risks, and harmonisation of interests between the State, businesses and the people.

Prime Minister Pham Minh Chinh suggested that in cooperation, the two sides focus on promoting traditional growth drivers such as investment, export, and consumption, in which Vietnam has a market of 100 million people, many Australian goods are favoured by Vietnamese people and Vietnam also has advantages in many items such as agricultural products, electronics, and garments.

The Prime Minister also suggested that the two sides cooperate to promote new drivers such as digital transformation, green transition, circular economy, knowledge economy, and sharing economy on the platform of innovation and science and technology.

The head of government also wished that the two sides would continue to promote cooperation in people-to-people exchange, tourism, culture and education and training to promote the unique and rich identities of the two peoples.

On this occasion, Prime Minister Pham Minh Chinh sincerely thanked Australia for creating favourable conditions for Vietnamese people to live, Vietnamese workers to work, and Vietnamese students to study. In particular, the Prime Minister thanked Australia for being the country that helped Vietnam the most with COVID-19 vaccines, especially vaccines for children, at a time when access to vaccines was complicated. “In times of difficulty and adversity, we know who are the good people, the sincere people, the people who are wholeheartedly with us” - the Prime Minister emphasised.

At the forum, witnessed by Prime Minister Pham Minh Chinh, leaders of ministries, sectors, and businesses of the two countries, Vietjet Air announced a new air route connecting Melbourne, Australia, with Hanoi, Vietnam. The route connecting Hanoi with Melbourne - the capital of Victoria, the largest city in Australia, will be inaugurated on June 3, 2024, with 2 return flights per week.

Together with 58 flights per week between Ho Chi Minh City and the 5 largest cities in Australia, namely Melbourne, Sydney, Brisbane, Perth and Adelaide, which Vietjet has operated before, the new Hanoi - Melbourne route continues Vietjet’s plan to expand its international flight network, contributing to opening up more opportunities for cultural exchange, education, economic development, and tourism between Vietnam and Australia.

Prime Minister Pham Minh Chinh and the delegates also witnessed the signing ceremony of cooperation documents (MOUs) between agencies and businesses of the two countries, including the agreement between Vietjet Air and Swissport International Corporation to cooperate in developing aviation services and cargo transportation in Vietnam; Vietnam Airlines Corporation (VietnamAirlines) and RMIT University to cooperate strategically in research and training; Power Generation Corporation 3 (EVN GENCO3) and Corio Generation to cooperate in researching and developing offshore wind power projects in Vietnam; Migreen Company and Biocare Company to cooperate in developing sustainable and high-tech agriculture in Vietnam.

Earlier, on the same morning, Prime Minister Pham Minh Chinh attended the ceremony and cut the ribbon to inaugurate the Australia - Vietnam Policy Institute at RMIT University.

Assessing this event, Australian Co-Minister of Manufacturing and Trade Tim Ayres and Victorian Premier Jacinta Allan said that with more than 300,000 people, the Vietnamese community in Australia has made an important contribution to building a multicultural Australia and is a bridge, playing an important role in building and fostering the Vietnam - Australia relationship increasingly practical and effective. The Australia - Vietnam Policy Institute was established to research and better understand the strategic relationship between Australia and Vietnam; contributing to the effective implementation of Australia’s “Southeast Asia Economic Strategy to 2040”.

Prime Minister Pham Minh Chinh highly appreciated the establishment of the Australia - Vietnam Policy Institute, believing that the institute will participate in policy advice for the governments of the two countries to promote and improve the quality of bilateral relations increasingly in-depth, substantive, and effective in all fields, for the development of each country, for the people of the two countries and peace, cooperation, and development in the region and the world.

Also here, informing Prime Minister Pham Minh Chinh about RMIT University, the President of RMIT University, Professor Alec Cameron said that in nearly 25 years of operation in Vietnam, RMIT has trained 20,000 Vietnamese students - who have played and are playing important roles in various fields of work in Vietnam.

Prime Minister Pham Minh Chinh thanked Australia and RMIT University for training Vietnamese students and postgraduates; said that Vietnam prioritises the development of science-technology, education and training, and innovation; and hopes that RMIT will continue to improve the training efficiency in Vietnam.

In the context of the excellent development of relations between the two countries, promoting cooperation in education and training, innovation, science and technology is extremely important. The Prime Minister suggested that RMIT invest in improving the quality of its facilities and make long-term investments in Vietnam, contributing to cooperation in education and training between the two countries.

Pham Tiep (Vietnam News Agency)