Reinvigorating trade and investment with Vietnam
26 July 2023
The Territory Labor Government is strengthening international relationships and fostering important trade partnerships to create local jobs and boost the economy.
This week the Northern Territory Government signed a 5 year implementation plan with the Vietnamese province of Khanh Hoa.
A Vietnamese government and trade delegation this week travelled to Darwin for the signing, led by His Excellency Mr Nguyen Tan Tuan, Chairman of the People’s Committee of Khanh Hoa Province.
The two jurisdictions first agreed to cooperate in 1998, and have committed to renewing bilateral relations after a temporary pause due to COVID-19.
The arrangement develops a foundation for both parties to cooperate and collaborate in the areas of investment and trade promotions, agribusiness, aquaculture and high tech fishing, education, tourism, arts, sport and culture.
Khahn Hoa province is one of Vietnams fastest growing provincial economies and is well placed to cooperate with the Northern Territory.
Vietnam is one of six high priority markets identified in the International Engagement Strategy, for increased trade and investment.
Quotes attributable to Chief Minister Natasha Fyles:
“Vietnam is a valuable trading partner, and our second largest live cattle export market, supporting local businesses and creating jobs for Territorians.”
“To create local jobs, we have to expand and diversify our economy, and critical to that is expanding our export markets and international partners.”
“Our two jurisdictions share similar climates, representing significant opportunities for agriculture and aquaculture businesses in the Northern Territory to expand into Khanh Hoa Province.”
Quotes attributable to Minister for Northern Australia and Trade, Nicole Manison:
“Khanh Hoa Province and the Northern Territory share many similarities, with beautiful landscapes, a bustling tourism industry and a strong agricultural and fisheries industry that contributes to our growing economies.”
“Closer collaboration and cooperation between our two Governments will help diversify our industry and business opportunities, as well as expand our trade and investment sectors.”
“There are huge opportunities for Territory businesses in agriculture and fishing, as well as education and training, that will benefit not only Territorians but the people of Khanh Hoa Province.”
Below are some pictures from the Signing Ceremony: