Vietnam MoU to boost trade and investment with Western Australia

Asian Engagement Minister Peter Tinley participated in a virtual signing ceremony for a Memorandum of Understanding (MoU) with the People’s Committee of the Ba Ria-Vung Tau Province in Vietnam.

With a population of nearly 100 million, a thriving economy, rapidly growing middle class and young population, Vietnam’s dynamic economy provides WA with export opportunities for Western Australia’s food, education, mining, and oil and gas services.

The Minister’s four-day trip to Vietnam in April 2019 laid the groundwork for the MoU that will promote mutually beneficial co-operation in economic development, education and vocational training, and culture and the arts.

It will also provide a platform to engage meaningfully on economic co-operation, including annual trade delegations once international borders reopen.

Ba Ria-Vung Tau is Vietnam’s most active industrial province and one of the region’s most prosperous, growing by 7.2 per cent in 2018.

It is known for its strengths in logistics, food processing and shipbuilding, and is also a hub for oil and gas-dependent industries such as power generation, fertiliser, steel and construction materials.

Leading WA companies such as CBH-Interflour and Austal have been manufacturing in BRVT since 2005 and 2018 respectively, and CBH-Interflour has flour mills and malting facilities in the province.

The MoU forms part of the State Government’s Asian Engagement Strategy 2019-2030, which identified Vietnam as a significant regional opportunity for WA business.

The strategy focuses on maximising investment and trade opportunities, supporting Asia literacy and capability, enhancing people-to-people links and supporting business networks and communities.

Source: WA Government