Australia, Vietnam coordination in ratifying CPTPP

11:16 | 13/08/2018 Cooperation

(VEN) - Australia and Vietnam should enhance coordination in ratifying and implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Speaker of the Australian House of Representatives Tony Smith said during his official visit to Vietnam on July 23-25. Vietnam and Australia are two of the 11 Pacific Rim states that signed the trade pact earlier this year.

australia vietnam coordination in ratifying cptpp
National Assembly Chairwoman Nguyen Thi Kim Ngan welcomes Speaker of the Australian House of Representatives Tony Smith

Trade is one of the key pillars of the Vietnam-Australia partnership. Two-way trade turnover has strongly increased over the past three decades, from US$32.3 million in 1990 to US$6.46 billion in 2017. Australia is now one of Vietnam’s leading trade and investment partners.

Australia has 416 investment projects with total capital of US$1.8 billion at present, ranking 20th among the 126 countries and territories investing in Vietnam.

The Vietnamese side supports Australian businesses seeking to increase their investment in Vietnam, especially in fields such as energy, infrastructure, finance and banking, telecommunications, mining, manufacturing, high-tech agriculture, education and tourism.

Speaking about Speaker Smith’s visit, Australian Ambassador to Vietnam Craig Chittick said that this is the third high-level visit by an Australian leader to Vietnam this year after those of Governor General Peter Cosgrove and Foreign Minister Julie Bishop. “This demonstrates the importance Australia attaches to the long-standing friendship and the newly-established strategic partnership with Vietnam,” the ambassador said.

This year marks the 45th anniversary of the establishment of diplomatic relationship between Australia and Vietnam and the elevation of the bilateral relations to a strategic partnership by Prime Minister Malcolm Turnbull and Prime Minister Nguyen Xuan Phuc during PM Phuc’s official visit to Australia in March.

Vietnam is one of Australia’s most important partners in the Indo-Pacific region. The Southeast Asian country is Australia's 15th biggest trading partner, seventh largest market for agricultural products and the fifth largest source of international students.

During the visit at the invitation of National Assembly Chairwoman Nguyen Thi Kim Ngan, the Australian official had

meetings with Party Secretary General Nguyen Phu Trong, State President Tran Dai Quang, Prime Minister Nguyen

Xuan Phuc and Ho Chi Minh City People’s Council Chairwoman Nguyen Thi Quyet Tam. In addition to the high-level

meetings, he also visited Australia’s social enterprise KOTO in Hanoi; attended a roundtable with members of

Australia-Vietnam Young Leaders Dialogue and visited Australian university RMIT in Ho Chi Minh City.

Nguyen Huong