Opportunities to expand trade cooperation with the Australian market

​Australia is one of the major economies with a high level of development and is a market with great potential for Vietnamese exports as well as businesses that import raw materials.

For Dong Nai, the expansion of economic cooperation and other fields with Australia will be enhanced by the province in the coming time.

Vice Chairman of the Provincial People's Committee Nguyen Thi Hoang introduced Dong Nai through ceramic products, famous handicrafts of the province to Mr. David Gottlieb

Great potential
As of 2022, two-way trade turnover between Vietnam and Australia has had a breakthrough growth, reaching a new record of 15.7 billion USD, of which exports from Vietnam reached 5.55 billion USD, and imports 10.14 billion USD. Vietnam has become Australia's 10th largest trading partner and Australia is currently Vietnam's 7th largest trading partner. According to economic experts, the potential for trade growth between Vietnam and Australia is huge. The advantage here is that both sides are participating in many free trade agreements, which helps the economic relationship to make rapid progress.

As for Dong Nai, although it is a locality that attracts many foreign investment projects, Australia is still not really a large-scale investor. Specifically, in Dong Nai province, there are currently 45 countries and territories investing in over 1,560 projects with a total registered capital of 33.5 billion USD. In which, Australian investors currently have 18 projects with a total investment of 87.5 million USD, this is a modest number compared to the size of the economy of more than 1.7 trillion USD. Regarding trade, according to the Department of Industry and Trade, in 2022, Dong Nai's exports to the Australian market are more than 300 million USD and imports are more than 500 million USD.

 The year 2023 is the 50th anniversary of the establishment of diplomatic relations between the two countries, Mr. David Gottlieb, Economic Counselor, Australian Embassy in Vietnam expects that the number of economic cooperation will continue to be promoted in the coming time. “Along with past achievements, the 50th anniversary of the diplomatic relationship will be the driving force to promote cooperation between the two sides and I believe that the next big milestones will soon be achieved" - Mr. David Gottlieb shared at the visit and working session with Dong Nai on February 7.

Take the initiative to raise the level of cooperation
According to Vice Chairwoman of the Provincial People's Committee Nguyen Thi Hoang, besides industry, Dong Nai currently has a project of Long Thanh International Airport with a scale of 100 million passengers and 5 million tons of cargo/year, expected to be inaugurated in the first phase by 2025. Along with the airport, the port system and a series of highways will be deployed. This will help Dong Nai become a hub for international trade and integration. Dong Nai wishes to have more Australian businesses to invest and reap success. In 2022, despite many difficulties due to the epidemic, Dong Nai also actively organized a trade and investment promotion delegation in the Australian market, and initially had a number of businesses signed a memorandum of cooperation with Australian partners such as Thuan Huong Trading and Production Company Limited (Dinh Quan District) and Trong Duc Cocoa Company Limited (Dinh Quan District).

"Dong Nai also has a number of international students and people living, studying and working in Australia who can provide additional support to act as a bridge to help businesses of the two sides expand their cooperation" - Vice Chairman of the People's Committee Nguyen Thi Hoang province shared more with the Australian delegation.

 Sharing the same appreciation for cooperation, Mr. Ben Davis, First Secretary of the Australian Embassy, said that Australia has strengths in the fields of high technology, clean energy, the environment and a number of other fields. In the immediate future, in order to expand cooperation, the Australian side needs to learn more about the actual situation in Dong Nai in these fields and will also support local businesses when researching the Australian market.