Talking with the Vietnam News Agency (VNA)'s reporter in Sydney, Kyle Springer from the Western Australia-based Perth USAsia Center, said the visit will activate cooperation frameworks to which both countries are members such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP), as well as cooperation deals between their localities.

President Nguyen Xuan Phuc (right) and Australian Minister for Trade, Tourism and Investment Dan Tehan

He said a number of Australian firms are studying import-export activities with Vietnam as well as investment opportunities and formation of joint ventures.

According to the expert, the Australian Government has recently funded 2.5 million AUD (nearly 2 million USD) for tens of projects to increase business opportunities and enhance cooperative ties between firms of the two countries in diverse areas, from agriculture to education, digital technology, and supply chain of small and medium-sized enterprises.

In the first half of this year, two-way trade soared by over 40 percent year-on-year.

During meetings with the minister, Vietnamese leaders wished that Vietnam’s shrimp meatballs and passion fruits would be exported to Australia while Vietnam also wants to import coal, iron and steel, ore and rare earth from the country.

Springer suggested that within the frameworks of the CPTPP and RCEP, the two countries could develop a rare earth supply chain, under which Australia will exploit and process while Vietnam will create end-products.

Western Australia's authorities also expect to launch a direct flight between Perth and Vietnam to facilitate travelling and trade once the COVID-19 pandemic is pushed back, he added.

Source: VNA