Tiếng ViệtOn October 19, 2024, the official ribbon-cutting ceremony of the headquarters of the Vietnam – Northern Territory Business Council (NTVBC) took place at 44 East Point Rd, Fannie Bay, Darwin. This event followed the seminar “Connecting Vietnamese – Australian Businesses,” organized under the advisory of NTVBC. The ceremony was a meaningful milestone coinciding with the official visit of Vietnam’s Minister of Planning and Investment, Mr. Nguyen Chi Dung, to Australia from October 17 to October 19, 2024.
A Major Milestone in NTVBC’s Development Journey
The inauguration ceremony was held in a solemn atmosphere with the attendance of Vietnam’s Minister of Planning and Investment, Mr. Nguyen Chi Dung, Deputy Speaker of the Northern Territory Legislative Assembly, Mr. Brian O’Gallagher, along with numerous businesses and strategic partners from both Vietnam and Australia. In his speech, NTVBC Chairman Mr. Nguyen Ngoc My emphasized the importance of enhancing economic and investment cooperation between the two countries. He also appreciated the contribution of NTVBC members and expressed gratitude to all delegates, partners, and friends for their unwavering support over the years. The event serves as a major motivation for NTVBC to continue striving toward greater goals in the future.
NTVBC was established and commenced operations in 2016 with the mission of promoting trade and investment cooperation between Vietnam and the Northern Territory. The inauguration of its official headquarters in Darwin is a pivotal milestone, reflecting the organization’s robust growth. The new headquarters not only provides a solid infrastructure but also enhances the organization’s ability to connect and support partners and businesses in Vietnam and Australia more effectively.
Over 50 years of diplomatic relations, the business communities of Vietnam and Australia have witnessed significant progress, marked by numerous agreements on economic, trade, and investment cooperation, as well as development assistance, security, and defense. This event reaffirms NTVBC’s commitment to fostering economic cooperation between Vietnam and the Northern Territory and creating opportunities for businesses on both sides to access information and business prospects. It represents an essential step in realizing the Vietnam-Northern Territory Trade and Investment Cooperation Strategy, contributing to the sustainable and prosperous development of Vietnam and Australia.
The 5th Vietnam-Australia Economic Partnership Ministers’ Meeting to be Held in Vietnam
This critical agenda item was agreed upon by Vietnam’s Minister of Planning and Investment, Mr. Nguyen Chi Dung, and Australia’s Minister for Trade and Tourism, Mr. Don Farrell. The meeting will aim to review the implementation of agreements from the 4th session and propose new initiatives and agreements, particularly focusing on the progress of the Vietnam-Australia Enhanced Economic Engagement Strategy.
According to Australia’s Minister for Trade and Tourism, Mr. Don Farrell, trade between Vietnam and Australia is booming, creating more opportunities for exporters, businesses, and workers in both countries. Over the past three years, bilateral trade between Vietnam and Australia has reached a record high of over AUD 26 billion. Vietnam has become one of the fastest-growing sources of international visitors to Australia since the COVID-19 pandemic. In terms of foreign investment, as of August 2024, Australian investors have 660 valid projects in Vietnam with total registered capital of USD 2.05 billion, ranking 21st out of 149 countries and territories investing in Vietnam. These projects focus on processing and manufacturing industries, accommodation and food services, agriculture, forestry, and fisheries. In the field of education, Vietnam currently ranks 5th among countries with the highest number of students studying in Australia, with over 36,200 students as of August 2024.
Over the years, Vietnam-Australia economic relations have consistently experienced strong growth. In March 2024, Vietnam and Australia elevated their relationship to a Comprehensive Strategic Partnership, making them key economic partners across various fields, including trade, investment, development cooperation, agriculture, education, and training, etc.
NTVBC