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Vietnam Today

Vietnam & Australia look towards strategic partnership

Released at: 17:50, 10/11/2017 APEC Viet Nam 2017

Vietnam & Australia look towards strategic partnership

PM Nguyen Xuan Phuc (L) and PM Malcolm Turnbull during their meeting on Nov. 10. Photo: VGP

Two leaders resolved to raise bilateral trade to $10 billion in the time ahead.

by Long Van

During their talks within the framework of the APEC Economic Leaders’ Week on November 10, Prime Minister Nguyen Xuan Phuc and Australian Prime Minister Malcolm Turnbull reached an agreement on upgrading the relationship between Vietnam and Australia to a strategic partnership on the basis of their enhanced comprehensive partnership and huge potential for cooperation.

According to a report from the Vietnam News Agency, the two PMs assigned their foreign ministries to continue working on plans so that the two leaders can sign a document on the strategic partnership as soon as possible.

They expressed their delight at two-way trade turnover, which jumped from $32.3 million in 1990 to $5.2 billion in 2016, making Australia Vietnam’s seventh-largest trade partner.

The leaders also commented on the strides made in cooperation in national defense and security, education and training, labor, tourism, and people-to-people exchanges.

PM Phuc called on Australia to expand its investment and business activities in such areas as manufacturing, energy, mining, infrastructure, high-tech, and food processing, while creating the best possible conditions for Vietnamese investors in Australia. He used the occasion to appeal to Australia to continue its provision of official development assistance (ODA) and scholarships to Vietnam.

The two PMs also compared notes on regional and international issues of shared concern, and agreed to continue close coordination at multi-lateral forums, especially those led by ASEAN, in order to promote dialogue and cooperation and maintain peace, stability and order in the region.

Regarding the East Sea, the two stressed the importance of protecting peace, stability, security, maritime and aviation safety, and freedom in the region, settling disputes by peaceful measures in line with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS), strictly implementing the Declaration on the Conduct of Parties in the East Sea (DOC), and soon reaching a legally-binding Code of Conduct in the East Sea (COC).

The same day, PM Phuc met with representatives of leading Australian businesses specializing in healthcare, production, manufacturing, mining, oil and gas, aviation, and high-quality agricultural product processing. The Australian businesspeople are in Da Nang to attend the APEC CEO Summit 2017.

He applauded the role played by the firms in strengthening economic, trade and investment links between Vietnam and Australia.

The Vietnamese Government creates optimal conditions for foreign businesses to operate in Vietnam in accordance with local laws and global standards and regulations, PM Phuc confirmed.

He said Vietnamese and Australian leaders are resolved to raise bilateral trade to $10 billion in the time ahead, calling on Australian enterprises to seek more long-term investment opportunities in Vietnam.

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