Viet Nam and Australia boost economic co-operation
Viet Nam and Australia boost economic co-operation
Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison chaired a meeting on exchanging and promoting co-operation opportunities between Vietnamese and Australian businesses in Ha Noi on Friday.
The meeting was attended by Chairman of the Vietnamese Entrepreneurs Association (VEAS) in Sydney Nguyen Ba Luan along with experts and business people from both Viet Nam and Australia.
Luan, who is also the Chairman of TMS Group, said Vietnamese businesses in Australia are inheriting knowledge, experience, advanced management and modern technology to develop through international-level projects which have great socio-economic significance.
“We hope the governments of Viet Nam and Australia to create a more favourable investment environment to encourage us to develop,” Luan said.
Since Viet Nam and Australia enhanced their relationship to the strategic partnership level in March 2018, the two countries have made rapid, real and effective development steps, in economic, trade and investment cooperation.
Viet Nam is currently Australia's fourth largest partner in ASEAN, while Australia is Viet Nam’s seventh largest trading partner.
Last year, the trade turnover between the two countries reached US$7.712 billion, up 19.3 per cent year-on-year, in which Viet Nam's exports to Australia reached nearly $4 billion, up 20.9 per cent and imports from Australia reached more than $3.7 billion, up 17.8 per cent.
By the end of June, Australia had nearly 460 investment projects with a total value of more than $1.86 billion, ranking 20th in 131 countries and territories investing in Viet Nam. Meanwhile, Viet Nam also had 53 direct investment projects in Australia with a total value of more than $247 million.
At the meeting, Luan introduced his TMS Group, which has affiliates and offices nationwide and in some regional countries including Australia and Japan, employing almost 7,000 people.
He said in an effort to become a reputable real estate developer, pioneering the development of the sustainable urban ecosystem, TMS Group has successfully developed three project including TMS Hotel Da Nang Beach, TMS Hotel Quy Nhon and TMS Grand City Phuc Yen.
“In the future, we will develop a series of hotels, resorts, entertainment complexes and golf courses in many provinces and cities in Viet Nam,” Luan said.
VEAS was established in February last year, gathering Vietnamese businesses and entrepreneurs living and settling in Sydney. In recent years, VEAS is one of the bridges contributing to promoting co-operation among businesses of the two countries.
