The total import-export turnover between Vietnam and Australia reaches a record of 14 billion AUD (10 billion USD) in the first 10 months of this year. (Photo: VNA)

Sydney (VNA) – The total import-export turnoverbetween Vietnam and Australia reached a record of 14 billion AUD (10 billion USD) in the first 10 months of this year, an increase of 50 percent over the same periodlast year.

The figure was revealed by Nguyen DangThang, Vietnamese Consul General in New South Wales, South Australia andQueensland while addressing a business forum held by SouthAustralia-Vietnam Business Council on November 29. It aimed at introducingopportunities and potential for trade with Vietnam to the Australian businesscommunity as well as promoting bilateral investment.

Thang attributed the above-mentioned result to the great effortsof businesses of both sides, adding that the bilateral trade turnover betweenVietnam and Australia continue to grow even in the difficult time of theCOVID-19 pandemic.

He called on Vietnamese and Australianenterprises to make full use of the potential and available opportunities to raisebilateral trade turnover to a new height in the context that the pandemic has beenbetter controlled.

He said that the two-way investment turnover between the twocountries has increased significantly, worth about 2.5 billion USD.

However, according to Thang, this number is still modestcompared to the potential of the two countries. He believed that investment between Australia and Vietnamwill mark a new milestone, doubling two-way investment as set by the goal ofthe strategy to strengthen the economic integration of two sides if opportunitieswere utilised.

The Consult General affirmed that he will support the SouthAustralia - Vietnam Business Council and Australian businesses wishing to learnabout the Vietnamese market.

Participants at the forum held that Vietnam is one ofthe most potential markets for investment and trade. The cohesion between thetwo countries, accompanied by advantages that new-generation multilateral tradeagreements, such as the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), has increased the interest of Australian businesses in the Vietnamese market.

John Ellis, Director of International Markets at the South AustralianTrade and Investment Authority, said Vietnam's investmentenvironment is open and the Vietnamese government always creates favourableconditions for foreign investors.

The promotion of investment cooperation will bring benefitsnot only to Australia but also to Vietnam, he said, noting that the two countries need to further expand market for each other's goods.

Echoing his view, Ly Hoang Duy, director of 4 Ways FreshCompany, an enterprise specialising in the field of trade and agriculturalproduction in Australia and an importer of fresh agricultural products fromVietnam, expressed his wish to be able to import more fruits from Vietnam toAustralia. Duy suggested the two gove✨rnments should speed up discussion, further promote commitments and increase import licencing in orderto expand the market to each other./.