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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