Australia boosts enhanced economic engagement strategy with Vietnam

The Australia - Vietnam Enhanced Economic Engagement Strategy is helping realise the economic potential exiting between the two nations, the spokesperson for the Australian Department of Foreign Affairs and Trade (DFAT) said on July 22 in response to a question from a Vietnam News Agency correspondent in Sydney.
Australia actively implements enhanced economic engagement strategy with Vietnam
President Nguyen Xuan Phuc receives Australian Minister of Foreign Affairs Penny Wong. (Photo: VNA)

According to the spokesperson, the Australian Government is working with industries to implement activities in support of the strategy’s objectives to double two-way investment and become each other's top ten trading partners.

The spokesperson said Australia and Vietnam share a commitment to reaching net zero by 2050, citing Australian Minister for Foreign Affairs Penny Wong’s statement that the transition to cleaner, affordable energy is an economic opportunity that both countries are eager to seize.

"Australia is doubling its commitment to climate finance for developing countries in the Indo-Pacific to 2 billion USD over the 2020-2025 period. In addition to this, we are supporting farmers in Southeast Asia with drought- and flood-resistant rice varieties that increase their harvests, and helping farmers trial approaches that reduce the greenhouse gas emissions from their rice fields," the spokesperson said.

The Australian government has confirmed publicly that it respects the Agriculture Visa agreement already signed with Vietnam and is in discussion with the Vietnamese Government on how to deliver on this commitment.

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(Source: VNA)