The Governments of Vietnam and Australia on Tuesday announced their enhanced economic engagement strategy, and set out a roadmap to boost bilateral trade and investment ties. Australian Minister for Trade, Tourism and Investment Dan Tehan welcomed the strategy as the foundation for Vietnam and Australia’s effort to double investment and become top ten trading partners.

“The implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and boost our trade and investment relationship, especially in key areas such as education, resources, agriculture, manufacturing and digital economy,” he said in a statement.

Vietnam’s Minister of Planning and Investment Nguyen Chi Dung said he believes that “success in achieving the common objectives of the Strategy will further enhance the economic position of Vietnam and Australia, contributing to the safety, security and shared prosperity of the Asia-Pacific region”.

To meet the goals of the new strategy, trade between Australia and Vietnam needs to grow stronger than trade with other partners, while bilateral investment needs to double from 2.17 billion AUD (1.55 billion USD) in December 2020 to 4.36 billion AUD (3.11 billion USD).

Source: VOV5