Vietnam-Australia trade ties thriving

08:52 | 04/10/2017 Trade

Vietnam and Australia have the opportunities to advance their economic and trade ties, stated Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan. 

Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan (R) and Australian Ambassador to Vietnam Craig Chittick - Source: thanhuytphcm.vn

At a reception held for Australian Ambassador to Vietnam Craig Chittick, in HCM City on September 26, Nhan said that the Vietnamese metropolis has good ties with many Australian localities, voicing his hope that the relations would continue to thrive.

For his part, the ambassador highlighted the rapid development of the economic relations between Vietnam and Australia, with annual two-way trade increasing sharply and more flights being launched to connect the two countries.

In addition, bilateral education collaboration is also thriving, he said, noting that tens of thousands of Vietnamese are currently studying in Australia.

Australia is the 19th largest investor in Vietnam, with 407 projects worth US$1.85 billion, and is also an important market for Vietnamese investors who are running 36 projects with total capital of nearly US$200 million in the country.

Australia is now the seventh largest trade partner of Vietnam. The two-way trade reached approximately US$5.3 billion in 2016, with Vietnam’s exports valued at US$2.86 billion.

Theo NDO/VNA