Viet Nam, Australia work towards balanced, sustainable trade
Viet Nam, Australia work towards balanced, sustainable trade
Viet Nam-Australia trade posted growth in 2021 despite the impact of COVID-19, Director of the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT) Le Hoang Oanh has said.
She made the remarks during the third session of a trade working group within the framework of the Ministerial-level Viet Nam-Australia Economic Partnership Meeting, which was recently held via videoconference by the MoIT.
The growth was attributed to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which the two countries are signatories, she added.
Ridwaan Jadwat, First Assistant Secretary at the Australian Department of Foreign Affairs and Trade affirmed that Viet Nam is an important trade and investment partner of Australia, and expressed a hope to tighten bilateral relations.
Amid the complex developments of COVID-19, the two nations need to bolster co-operation so as to devise suitable strategies to surmount difficulties, he underlined.
Two-way trade surpassed US$8 billion in the first eight months of 2021, posting a year-on-year increase of 50.7 per cent, thereby making Australia among ten leading trade partners of Viet Nam.
However, as Viet Nam recorded a trade deficit of nearly $2.5 billion in the period, the two countries need to foster bilateral trade development in a more balanced and sustainable manner.
At present, Viet Nam’s shipments of fresh shrimp and fruits to Australia remain stagnant, although the exports of such products have been tabled during the working group’s 2020 session as well as meetings of the countries’ ministers.
Oanh urged the Australian side to speed up procedures to grant permission for Viet Nam’s fresh shrimp to enter Australia and provide Viet Nam with technical support in terms of disease prevention in shrimp farming.
In addition, Viet Nam hopes that Australia will soon complete necessary steps to open its door for passion fruit from the Southeast Asian nation, paving the way for other fruits like rambutan and star apple.
The Vietnamese side also called on the Australian counterpart to closely work with the former’s Ministry of Agriculture and Rural Development to allow the use of alternatives to glyphosate in lilium cultivation before exporting to Australia.
At the event, the countries agreed to promote investment in mining, as it is viewed as a strategic field of potential, especially of charcoal, iron and liquefied natural gas.
Given numerous firms of Viet Nam are keen on investing in Australia in such fields, the Vietnamese side asked to receive information and regulations in mining for foreign investors, to which the Australian side agreed.
