Under the Australia-Vietnam Enhanced Economic Engagement Grant (AVEG) pilot programme, the Australian Government is providing 2.5 million AUD, or close to 2 million USD, to 28 small-scale projects to create economic opportunities and deepen business cooperation, Tehan said in a statement released on July 1.

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Preliminary processing of lychee at Global Food JSC in Luc Ngan district, Bac Giang province for export to Australia.

The AVEG would open doors for Australian industries ranging from agriculture to education, digital technologies to small- and medium-sized enterprises (SME) supply chain, he said.

The funding includes 99,475 AUD to scale up the technology of organic food production, certification, and trade between the two countries; 56,160 AUD to provide 20 female entrepreneurs in Vietnam with international education and experience to build their capacity as entrepreneurs; and 95,000 AUD to help 300 Australian businesses to grow and diversify their exports and supply chains to Vietnam.

“Australia is working with Vietnam to grow our trade relationship, with an aim to become top ten trade partners and double investment,” Tehan said. “Strengthening our trade relationship will create jobs and opportunities in both countries.

“The Australian Government is committed to further strengthening our economic relationship with Vietnam and unlocking opportunities for Australian businesses,” he said.

Over the past two decades, the two-way trade relationship has grown on average by 8.6 percent each year.

Source: VNA