Vietnam sets target to attain a trade turnover of US$10 billion with Australia by 2020, placing itself among Australia’s top 10 trading partners, according to Deputy Prime Minister Trinh Dinh Dung.

Deputy Prime Minister Trinh Dinh Dung and Australian Ambassador to Vietnam Robyn Mudie. Source: VGP.

The two countries should further cooperation in the fields of trade, economy and investment, in order to expand the Vietnam – Australia strategic partnership, Dung said in a meeting with Australian Ambassador to Vietnam Robyn Mudie on November 22.

Dung said Vietnam gives priority to the partnership with Australia which has been growing strongly over the past few years.

In 2018, the bilateral trade turnover reached US$7.7 billion, up 19.3% year-on-year, of which Vietnam’s exports to Australia were US$4 billion and imported US$3.7 billion from that market.

Australia currently has 425 investment projects in Vietnam with combined registered capital of US$1.84 billion, ranking 19^th out of 128 countries and territories having investments in Vietnam.

Meanwhile, Vietnam has made 47 direct investments worth US$255.8 million in Australia.

Dung highly regarded Australia’s non-refundable official development assistance (ODA) for essential infrastructure development projects, of which many have become symbols of cooperation, such as Cao Lanh and My Thuan bridges.

Dung, however, said the potential for investment cooperation between the two countries remains large, expecting more Australian companies to invest in Vietnam’s priority fields such as agriculture, supporting industries, tourism, renewable energy.

Dung also thanked Australia’s support for Vietnam in international forums and requested closer cooperation in the context of Vietnam being a non-permanent member of the UN Security Council for the term of 2020 – 2021 and assuming ASEAN chair in 2020.

At the meeting, Ambassador Mudie said Asutralian investors are impressed with the Vietnamese government’s effort in creating a favorable business and investment environment.

Mudie said the two countries’ huge potential for development would promote greater cooperation between the two business communities, pleging she would did her best to fulfill this potential.