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AMBASSADOR TALK







                            Stronger than ever
                              Ambassador of Australia to Vietnam, H.E. Andrew Goledzinowski,
                         shares his thoughts with VET on the relationship between the two countries
                         as they wrap up celebrations over 50 years of diplomatic relations in 2023.

         % 2023 marked 50 years of diplomatic                                     The Vietnamese market has also shown
         relations between Vietnam and Aus-                                    an interest in high-quality Australian prod-
         tralia. How will economic cooperation                                 ucts and investments. Importantly, Viet-
         between the two countries develop in                                  namese policymakers are keen to work with
         2024 and into the future?                                             the Australian Government to gain insights
           We are pleased that Australia and Viet-                             into Australia’s world-class experience and
         nam have gone through a remarkable                                    learn from Australian expertise in a range
         anniversary year with multiple events,                                of sectors. There are business links between
         including visits at different levels, dialogues,                      Vietnamese companies and Australian busi-
         cultural showcases, and cooperation activ-                            nesses in various sectors, including mining,
         ities. It’s not only about numbers but also                           renewable energy, and education.
         substance, practicality, and highlighting                                But a landmark report issued by the
         our genuine friendship and shared interests.                          Australian Government in 2023 found
         It paves the way for bilateral diplomatic                             that there is much more that we as a
         and economic cooperation to be further                                government can be doing to encourage
         developed and diversified in 2024 and in                              Australian investment in Southeast Asia,
         the coming years.                                                     including in Vietnam. This is an area we
           In 2023, Australia was proud to receive                             are devoting particular attention to in
         two high-level visits by two Politburo mem-                           the years ahead.
         bers: Chairman Tran Tuan Anh of the Central                              Vietnam and Australia share common
         Economic Commission and President                                     interests and challenges, as both countries
         Nguyen Xuan Thang of the Ho Chi Minh   nomic Outlook Update, April 2022) and   have committed to achieving net-zero emis-
         National Political Academy. These visits   Vietnam’s GDP growth is positively forecast   sions by 2050. Vietnam is taking meaningful
         were remarkable as they demonstrated on   at around 5.5-6.5 per cent in 2024 (by Viet-  steps and practical steps to fulfill its com-
         our 50th anniversary the breadth of our   namese think-tanks and international   mitments. The government has detailed
         engagement from economic sectors to polit-  organizations). Australia has a long history   its plan for energy and electrification of
         ical knowledge understanding and sharing.   of working with Vietnam on economic   the transportation sector in the National
           Deepening Australia-Vietnam economic   reform and development. Together with   Power Development Plan VIII (PDP8),
         cooperation is a top priority for the Aus-  people-to-people links, the nature of our   which focuses on renewable energy. This
         tralian Government, and central to our   complementary economies, increasingly   will create more opportunities for business
         Strategic Partnership. As announced by   entwined supply chains, and shared vision   links between the two countries.
         National Assembly Chairman Vuong Dinh   on global and regional economic integration,
         Hue and Australian Prime Minister   our two countries have a solid foundation   %  What are your views on Vietnam’s
         Anthony Albanese in December last year,   to further strengthen and deepen bilateral   economy in 2024? What should it do to
         our two countries are discussing the ele-  economic cooperation.      attract more investment from Australian
         vation of the bilateral relationship to a                             enterprises?
         Comprehensive Strategic Partnership (CSP).   %  There are a number of large Aus-  In 2024 and the years to come, Vietnam
         This reflects a mature and diverse rela-  tralian enterprises strongly investing   will continue to be a bright spot in the
         tionship in which economic cooperation   in Vietnam, such as Telstra, RMIT,   region for its political stability, sustainable
         would be a key component.          ANZ, Bluescope Steel, Allens, and BHP,   economy, and high-quality investment
           We will continue to implement the Aus-  etc. What do you think about Vietnam’s   opportunities.
         tralia-Vietnam Enhanced Economic   investment environment for Australian   Despite an anticipated low GDP growth
         Engagement Strategy (EEES) across key   enterprises over recent years?   in 2023 of 5.2 per cent, as estimated by the
         sectors, with the aim of becoming top 10   The Vietnamese Government has been   Asian Development Bank (ADB) due to
         trading partners and doubling two-way   trying to create a supporting legal frame-  the global economic slowdown and the
         investment, supporting sustainable, inclu-  work for foreign investment with good   country’s financial disruption, Vietnam
         sive economic growth.              industrial infrastructure and logistics serv-  will likely quickly recover and achieve its
           Complementing the EEES, the Aus-  ices. Favorable tax and duty policies created   GDP growth target of 6 per cent next year,
         tralian Government has announced the   by central and local governments in recent   as forecast by the ADB, which is higher
         Southeast Asia Economic Strategy to 2040.   years have provided further impetus for   than forecasts for its peers in the Asia-
         This provides a set of recommendations   foreign investment.          Pacific region.
         and action plans to ensure Australia and   Foreign investors have seen Vietnam   The government has set a dual target
         our Southeast Asian partners, including   as a significant cog in the region and global   of committing to a carbon-neutral economy
         Vietnam, can maximize the potential of   supply chains with competitive investment   and green growth, which has opened Viet-
         our economic ties.                 costs, including labor, land lease arrange-  nam to a new era of attracting quality for-
           Australia is ranked the 12th-largest   ments, and operating costs when compared   eign capital inflows towards sustainability
         economy in the world (IMF, World Eco-  to other ASEAN countries.      and prosperity.

         22  |  VIETNAM ECONOMIC TIMES  |  JANUARY 2024                                               en.vneconomy.vn
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