TPP to help Vietnamese businesses access Australian market
The Trans-Pacific Partnership (TPP) agreement will open up great trade and investment opportunities for Vietnamese and Australian businesses, a business leader said at a workshop in Ho Chi Minh City on May 11.
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However, when the TPP officially comes into effect, Vietnamese businesses will enjoy greater favourable conditions in accessing the Australian market, he added.
A representative from Australia’s Victoria State authorities said Vietnamese businesses can invest in some of the state’s potential areas such as construction-real estate, finance, and beauty care service.
He noted local authorities will also provide special supporting programmes and treatments when Vietnamese businesses invest in certain sectors, such as pharmaceuticals and pharmaceutical equipment, green energy, international education, and food.
According to the Vietnam Trade Office in Australia, export turnover of the Southeast Asian country to Australia is modest compared to the Australian market’s demands.
Bilateral trade between the two countries reached US$1.2 billion in the first quarter of this year, of which Vietnam shipped US$635 million worth of goods to Australia and spent more than US$560 million on Australian goods.
