MoIT leader boosts energy, mineral and trade cooperation in Australia
Vietnamese Prime Minister Pham Minh Chinh and his Australian counterpart Anthony Albanese witness the signing and exchange of cooperation documents between leaders of Vietnamese and Australian ministries, sectors and agencies |
Vietnam to create favorable conditions for Australian investors
Accompanying Vietnamese Prime Minister Pham Minh Chinh to Australia, Vietnamese Minister of Industry and Trade Nguyen Hong Dien had various bilateral meetings and activities in this country, including the technical preparatory meeting for and co-chairing the first session of the Vietnam-Australia Ministerial Dialogue on Trade, and signing several important cooperation documents to deepen the partnership between the Vietnamese Ministry of Industry and Trade and Australian partner ministries, contributing to strengthening bilateral trade relations between Vietnam and Australia.
On March 5, just before the Vietnam-Australia Business Forum took place, Minister Nguyen Hong Dien met with several major Australian businesses and investors, including Manny Stul from Moose Toys, Jony Davis from the Unified investment fund, and Julius Wei from BMYG Financial Group, who are interested in toy research and manufacturing, renewable energy and industry and trade workforce training in Vietnam.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien meets with several leading Australian businesses and investors |
Minister Dien introduced industrial and trade investment opportunities in Vietnam, focusing on the country’s energy transition, its implementation of Power Plan VIII, power generation and transmission system development, and investment opportunities associated the 100-million-people market. The minister said his Ministry of Industry and Trade is always willing to support Australian investors.
Renewable energy development
In the afternoon of the same day, Minister of Industry and Trade Nguyen Hong Dien had a bilateral meeting with Australian Minister for Climate Change and Energy, Chris Bowen.
The two ministers agreed that both countries have the huge potential for energy, especially renewable energy, cooperation.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien has a bilateral meeting with Australian Minister for Climate Change and Energy Chris Bowen |
Minister Chris Bowen emphasized the role of offshore wind power and Australia’s strengths in supplying various types of fuels such as coal, gas and LNG for electricity production. He also highlighted the new cooperation goals of the two countries to move towards a comprehensive strategic partnership.
Minister Nguyen Hong Dien stated that there is still great potential for Australian businesses to promote cooperation and expand investment in Vietnam, considering Vietnam’s strengths in terms of market size, high energy demand and natural advantages for solar and wind energy production in the country. With Australia’s strengths in finance, technology and experience in this field, Vietnam hopes that Australia will cooperate with Vietnam in mineral exploitation and processing, renewable energy production and human resource training, with the principle of mutual benefit and supporting Vietnam to achieve its goal of energy transition and net zero CO2 emissions by 2050.
Vietnam-Australia Ministerial Dialogue on Trade
On March 5, in Melbourne, Australia, the Vietnam-Australia Ministerial Dialogue on Trade took place, co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Minister for Trade and Tourism of Australia Don Farrell.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Minister for Trade and Tourism of Australia Don Farrell witness the signing of the VIETRADE-Austrade MoU on bilateral cooperation in trade promotion |
The Ministerial Dialogue on Trade is the first high-ranking official bilateral trade cooperation mechanism between Vietnam and Australia. This meeting holds special significance, marking an important step forward in the trade cooperation between the two countries and contributing to the success of the Vietnamese Prime Minister’s visit to Australia.
During the dialogue, the two ministers exchanged views and proposed measures to promote and overcome difficulties in bilateral cooperation, such as in market access, educational cooperation, and multilateral and regional collaborations in which both countries are members (AANZFTA, CPTPP, RCEP and WTO). The ministers also shared their priorities and new areas of cooperation in the near future, aiming to achieve the goal of an early Comprehensive Strategic Partnership, as declared by the high-ranking leaders of both countries.
The first session of the Vietnam-Australia Ministerial Dialogue on Trade |
Minister Nguyen Hong Dien stated the competent authorities of both sides have collaborated in the process of market access procedures. Vietnamese passion fruit is now approaching the Australian market as Australia has conducted on-site surveys. It is hoped that after passion fruit, the market access file for pomelo will also be considered soon. For its part, Vietnam is also actively studying the market access files for Australian cherries and blueberries.
As for cooperation in education-training, Minister of Industry and Trade Nguyen Hong Dien said this has always been a pillar and a highlight in the friendly cooperation between the two nations. This is a viewpoint that the high-ranking leaders of both countries have mentioned many times.
During the dialogue, the two ministers agreed that economic, trade and investment cooperation is a crucial pillar in the bilateral relationship, but the achievements remain incommensurate with the potential.
VIETRADE-Austrade MoU on bilateral cooperation in trade promotion
In Melbourne, Australia, the Vietnam Trade Promotion Agency (VIETRADE) and the Australian Trade and Investment Commission (Austrade) signed a memorandum of understanding (MoU) on strengthening bilateral cooperation in trade promotion.
The signing of the MoU will help the two countries establish a stable, sustainable and systematic cooperation mechanism. This will facilitate the future development and implementation of trade (including export) promotion plans, contributing to promoting the cooperative relationship between VIETRADE and Austrade in particular and the economic and trade cooperation between Vietnam and Australia in general.
The MoU focuses on strengthening information exchange and coordination in trade promotion activities, and creating opportunities for and connecting businesses from both sides to research markets and find partners. It also defines the scope of cooperation and the framework conditions for VIETRADE and Austrade to implement cooperative activities in accordance with laws and regulations of the two countries.
The MoU mentions market information exchange, trade delegation exchange; participation in trade fairs, exhibitions and other trade promotion activities; promotion of information technology and digitization; and research and development of joint capacity development programs, among others.
Legal framework for ministerial dialogue on energy and minerals
A legal framework for the ministerial-level dialogue on energy and minerals was officially signed on March 5 in Australia by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Tim Ayres, the Assistant Minister for Trade and Assistant Minister for Manufacturing of Australia.
Through this important cooperation mechanism, the two ministers will exchange, promote cooperation and address difficulties in the energy and minerals sector. It also serves as a basis for Australia to further supply coal and LNG for electricity, energy and fertilizer production in Vietnam.
The ministerial-level dialogue on energy and minerals is expected to help both sides maximize the advantages and cooperation opportunities they currently have, contributing to the implementation of the new cooperative goals set by the two countries within the framework of the Comprehensive Strategic Partnership, which was announced by the two prime ministers on March 7, 2024.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Tim Ayres, Assistant Minister for Trade and Assistant Minister for Manufacturing of Australia, sign a legal framework for the ministerial-level dialogue on energy and minerals on March 5 in Australia |
ACCC-VCC MoU on collaboration in securing strong regulatory and economic outcomes
The Australian Competition & Consumer Commission (ACCC) and its Vietnamese counterpart, the Vietnam Competition Commission (VCC), have committed to even closer collaboration in securing strong regulatory and economic outcomes by signing a Memorandum of Understanding (MoU).
The new agreement will facilitate cooperation and information sharing between the two competition and consumer protection authorities, as well as promoting the delivery of technical assistance activities.
The MoU sets out cooperation areas based on legal provisions and within the available resources of both parties, through the exchange of personnel, non-confidential information, and experience in the areas of mutual interest. It includes periodic organization of working delegations, training courses, workshops for officials and staff of both parties.
Through the signing of this cooperation agreement, both parties will establish a mechanism to ensure the maintenance of a healthy competitive environment for economic components, which will promote economic growth and trade, enhance cooperation, and attract foreign investment between Vietnam and Australia.
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