PM Chinh calls on Australian businesses to invest in new growth drivers in VN

The Australia-Vietnam Business Forum is viewed as an important event held on the occasion of PM Chinh's first official visit to Australia, whilst it is also an opportunity for the two sides to share and open up a new era for co-operation and development between the two countries' business communities.

At the function, participants were briefed on the potential, investment, and business environment of the two countries, along with the investment and business capabilities and plans of both nations’ enterprises.

It also offered assessments of the development potential of the financial market in Vietnam and investment co-operation in the field of high-tech agriculture of Vietnamese enterprises operating in Australia.

In particular, leaders of ministries and sectors from both sides responded to issues of concern to businesses such as each country's economic development strategy, priority areas policy mechanisms, procedures, infrastructure, and human resources. Along with that, firms from both sides exchanged views on connectivity for investment and business collaboration in the time ahead.

Most notably, many memoranda of understanding and investment co-operation agreements were signed during the occasion.

Nguyen Thanh Hung, representative of VietJet Air, announced a new flight connecting Melbourne in Australia with capital Hanoi, thereby  meeting the travel needs between the two countries’ leading central cities.

The flight connecting the Vietnamese capital with Melbourne, the capital of Victoria state and Australia's largest city, will be launched from June 3 with two round trips per week and flight time of about 10 hours.

Flights from Hanoi to Melbourne will depart on Mondays and Fridays at 5:10 p.m. (local time), while flights from Melbourne to Hanoi will depart on Tuesdays and Saturdays at 7:30 a.m. (local time).

The new air route will give people and tourists the opportunity to travel conveniently and easily between two cities, two countries, and two continents, which will contribute to opening up plenty of opportunities for cross cultural exchanges, education, and economic and tourism development between Vietnam and Australia.

In his opening speech, Australian Senator Tim Ayres, the assistant minister for Trade and assistant minister for Manufacturing, mentioned the good impression and warm welcome given during his visit to Vietnam back in 2022, saying that the forum will open a new period for trade links between the two countries.

He affirmed that in a multicultural country like Australia, the Vietnamese community plays a very important role and has seen constant development. In 1991 there were 124,000 Vietnamese people in Australia, now that figure has reached nearly 300,000. Among them, RMIT University and the city of Melbourne is home to many Vietnamese people.

According to Senator Ayres, the relationship between the two countries is further strengthened thanks to the ties between people, businesses, and the two Governments. He said that economic linkages between the two countries have developed continuously and the two sides still have great potential for co-operation. Australia wants to collaborate more with Southeast Asia and Vietnam.

He said he looks forward to seeing practical results on economic, trade, and investment co-operation from the forum, as well as stronger educational ties between RMIT, Australian universities, and Vietnamese partners. This is along with enhanced contacts and exchanges between people and young generations of the two countries.

Upon addressing the event, PM Chinh highly appreciated the organisation of the function at RMIT University in Melbourne, both of which are locations that create motivation and inspiration for bilateral relations.

The Vietnamese Government chief was pleased to reveal that during his visit to Australia, the two sides are expected to announce the upgrade of bilateral relations, thereby making the relationship between the two countries deeper, more substantive, and more effective in the time to come.

He expressed his expectations on five “better things” after the upgrade of the relations – better political trust, better economic, trade and investment cooperation, better science-technology and innovation collaboration, better partnership in education, training, cultural and people-to-people exchanges, and better cooperation in tourism and labour.

He also expressed his joy and confidence that the Australia-Vietnam Policy Institute will do a good job in researching the situation and duly recommending policies to the two Governments to continuously deepen the relationship between the two countries in both a substantive and effective manner.

Last year's two-way trade hit roughly US$14 billion, turning Vietnam and Australia into each other’s top 10 largest trading partners.

However, PM Chinh held that the cooperation results remained modest compared to the potential and space for cooperation between the two countries.

Outlining the major features of Vietnamese development guidelines, policies, and achievements in recent years, PM Chinh said that economic, trade, and investment co-operation are important pillars in bilateral relations. The results achieved are very respectable, but remain modest compared to the potential and space for collaboration between the two countries.

Wishing that the associations, business communities, and investors of the two sides strive to further boost ties, PM Chinh affirmed that the two Governments would continue to create favourable conditions for these activities.

The Vietnamese Government will protect the legal and legitimate rights and interests of businesses and investors; continue to promote three strategic breakthroughs in institutions, infrastructure, and human resources; and reform, simplify administrative procedures, and cut compliance costs for investors, PM Chinh added.

He asked Australia to support Vietnam in three strategic breakthroughs.

In the process of co-operation, difficulties and obstacles will inevitably arise. The Vietnamese cabinet leader proposed that the two sides remove and resolve them on the basis of harmonious benefits, shared risks, and harmonisation of interests between the State, businesses, and people.

PM Chinh suggested that in working together, the two sides should focus on promoting traditional growth drivers such as investment, export, and consumption, in which Vietnam has a market of 100 million people, and many Australian products are favoured by Vietnamese people. In addition, the nation also has advantages in many products such as agricultural products, electronics, and garments.

He also proposed that the two sides co-operate to promote new driving forces such as digital transformation, green transformation, the circular economy, the knowledge-based economy, and the sharing economy on the basis of innovation and science and technology.

​The Vietnamese Government chief also expressed hope that the two sides would continue to ramp up linkages in people-to-people exchanges, tourism, culture, and education and training on the basis of strongly promoting the unique and rich identities of the two peoples.

On this occasion, PM Chinh respectfully thanked and hoped that the Australian side would continue to create favourable conditions for Vietnamese people to live, work, and study in the country of residence.

He thanked Australia for donating the most COVID-19 vaccines to Vietnam, especially those for children amid difficulties in accessing vaccines.

Immediately after attending the Australia-Vietnam Business Forum, PM Chinh attended a ceremony to mark 30 years of Vietnam – Australia direct air route in Melbourne city.

In his speech at the event, the Vietnamese Government leader affirmed the Vietnamese Government's readiness to  offer the best possible conditions for airlines, both state-owned and private, to develop and compete healthily, and encourages Australian carriers to fly to Vietnam, Prime Minister Pham Minh Chinh stated

He underlined the important role of air transport in current economic development, stating that Vietnam has had policies to develop airlines.

Chinh voiced his hope that Vietnam's airlines will cooperate and compete fairly, especially in the current context - when the two countries will upgrade to a comprehensive strategic partnership.

He also urged Australian banks, investment funds, and investors to invest indirectly in Vietnamese airlines, saying that the Vietnamese ministries and sectors will enhance their role in state management, remove difficulties, and proactively support airlines to overcome challenges and promote rapid and sustainable development.

He used the occasion to thank Australia, specifically Australian citizens who choose Vietnamese airlines such as Vietnam Airlines and Vietjet, to visit Vietnam, saying that this has contributed to boosting cultural connections and aviation economic development of the two countries.

He expressed his confidence that Vietnam Airlines will reap more achievements over the next three decades thanks to the foundations for development laid over the past time.