Vietnam welcomes Australian investors, says Deputy PM
Deputy Prime Minister Vuong Dinh Hue has expressed hope that Australian investors will further increase their direct and indirect investment in Vietnam.
Deputy Prime Minister Vuong Dinh Hue (R) and General Director of the Commonwealth Bank of Australia (CBA) Ian Narev (Source: VNA)
Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue has expressed hope that Australian investors will further increase their direct and indirect investment in Vietnam.
Hosting a reception in Hanoi on June 8 for General Director of the Commonwealth Bank of Australia (CBA) Ian Narev and outgoing Australian Ambassador to Vietnam Hugh Borrowman, the Deputy PM said once the Trans-Pacific Partnership is ratified, Vietnam –Australia economic and trade ties will prosper from the current 5 billion USD in two-way trade value.
He noted that in the first five months of this year, indirect investment in Vietnam rose six-fold while foreign direct investment in Vietnam hit 10.4 billion USD, a 2.5-fold increase from the same period last year, but the capital flow from Australia accounted for only a modest share.
According to Hue, Vietnam is undergoing a strong economic restructuring, particularly in State-owned enterprises, public investment, finance and banking, and agriculture.
In the banking field, Vietnam has intensified the settlement of bad debts and dealt with weak banks, and wants major foreign banks to join in the process, he said.
The Deputy PM expressed his wish that Australia will assist Vietnam in refining its legal framework and share its experience in public-private partnership (PPP). He called on the CBA – one of the four largest banks in Australia with more than 100 years of experience in retail banking, investment, brokerage, fund management and insurance – to continue to do long-term business in Vietnam.
Deputy PM Hue appreciated the CBA’s acquisition of 20 percent stake in the Vietnam International Bank (VIB) and its technical and governance support for the bank.
Ambassador Borrowman affirmed that Australia is committed to supporting Vietnam’s development.
Vietnam is Australia’s largest trade partner in ASEAN, he said, adding that Australia is keen on deepening collaboration with Vietnam in investment.
The Commonwealth Bank General Director Ian Narev said the CBA is looking to enhance investment in Vietnam via iཧts partnership with VIB to become the leading retail bank in the country.-VNA
The Australian Associated Press (APP) news agency on October 17 reported that business ties between Australia and Vietnam are expected to grow further after the TPP comes into effect.
The Australian government will provide 1 million AUD (720,000 USD) in annual aid for Vietnamese and Australian scientists to carry out joint medical and health care research projects.
Vietnamese and Australian businesses explored trade and investment opportunities that will be created by the Trans-Pacific Partnership (TPP) Agreement during a forum held in Sydney on February 1.
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
Giang said he believes that building on the solid foundation nurtured over the past half-century and the strong determination of both nations, the Comprehensive Strategic Partnership will continue to grow in a more robust, comprehensive, and extensive manner, thus bringing more practical benefits to the two nations' people.
Highlighting the transformative potential of the draft law in revitalising Vietnam’s railway industry, Hoang Van Cuong, a deputy of Hanoi, expressed his support for Article 39, which empowers the Prime Minister to issue a list of railway-related goods and services to be assigned or ordered from domestic enterprises for production.
According to the Ministry of Public Security, Hoan, formerly Deputy Minister of Labour, Invalids and Social Affairs, is under investigation for allegedly taking bribes in connection with a case involving the Hoang Long Construction and Manpower Supply JSC and related units.
Chairing a national conference on the organisation of the examination on June 18, the PM highlighted the historical significance of the examination, as the restructuring of provincial-level administrative units is underway and the two-tier local administration model is set to officially begin operations on July 1.
Right on the same day, the ministry issued its highest-level travel warning, urging Vietnamese citizens not to travel to Israel or Iran, and advised those already in these countries to swiftly consider evacuation or relocation plans.
From the struggles against colonialists and imperialists to the period of Doi moi (renewal) and international integration, the Vietnamese revolutionary press has always played a pioneering role on the ideological and cultural front, he said.
The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
Vietnam and Indonesia reaffirmed their commitment to strengthening cooperation in combating terrorism as it remains a threat to peace, security, and stability across their respective nations, the broader region, and the international community.
The Vietnamese representative also emphasised the shared responsibility of relevant parties to build trust, enhance cooperation, and jointly manage the risks of conflict, thus safeguarding long-term peace and stability in the East Sea.
The National Assembly on June 18 passed the law amending and supplementing a number of articles of the Law on Product and Goods Quality, with 408 out of 420 participating deputies voting in favour, accounting for 85.36% of the total.
The Party leader asked the new HCM City to embrace a multi-centre and integrated urban ecosystem where each development pole functions as a link complementary to and intelligently connected with each other in a harmonious whole.
The resolutions issued by the PM as well as ministries and ministry-level agencies reassign responsibility for 346 administrative procedures - 18 from district to provincial levels, 278 to commune level, and 50 eliminated.
Legislators are due to pass several amended laws, including the Law amending and supplementing several articles of the Law on Economical and Efficient Use of Energy, and the Law amending and supplementing several articles of the Law on Product and Goods Quality.
Vietnamese localities' readiness to implement the two-tier local administration model, the evacuation of 18 Vietnamese citizens from Iran, Petrovietnam's 11th ranking in the 2025 Fortune Southeast Asia 500 are among news highlights on June 17 evening.
The General Secretary underlined the resolve to achieve a growth rate of at least 8% in 2025, laying the groundwork for double-digit growth in the following period. He noted that these are mandatory targets, with no alternative path to success.
Restructuring and improving the quality of officials, civil servants, and public employees is no longer a choice, but an urgent requirement to transition from administrative management to governance in service of the people.
The Vietnamese Embassy in Israel has advised Vietnamese people living there to proactively prepare and seek ways to leave the country via land border crossings, especially toward Jordan or Egypt, when security and safety conditions allow.
Deputy Prime Minister Vuong Dinh Hue (R) and General Director of the Commonwealth Bank of Australia (CBA) Ian Narev (Source: VNA)
