The Vietnam-Australia Business Council is officially established

Australian Trade Minister Dan Tehan and Dr. Vu Tien Loc, President of the VCCI. Photo: Nguyen Long

In recent years, the trade partnership between Vietnam and Australia has been developing well, demonstrating the cohesion between the two economies as well as the positive effects from FTAs, in which both parties took part, such as CPTPP, RCEP. 

Besides, many leading Australian enterprises with famous products have been present in Vietnam in fields such as education, mining, logistics... However, to further promote investment activities, VCCI and the Australian Business Association in Vietnam (Auscham) raised the initiative to establish the Vietnam-Australia Business Council (VABC).

Therefore, on the occasion of the visit of Australian Trade Minister Dan Tehan to Vietnam, VCCI and Auscham signed a Memorandum of Understanding to establish the VABC.

VCCI Vice President Hoang Quang Phong (right) and Mr. Jimmy Pham, Vice President of Auscham signed the MOU to establish the Vietnam - Australia Business Council. Photo: Nguyen Long

VABC is a key platform for  building stronger partnerships between Australian and Vietnamese businesses through the collaboration of the AusCham and VCCI and selected members of both organizations sitting on the Board of the VABC. The VABC will contribute to the goals of the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES), due to be delivered this year, to double two-way investment and become top-10 trading partners between Australia and Vietnam.

It is important to understate the catalyst for   this council was suggested in 2019 by Dr. Vu Tien Loc, President of the VCCI in his address to the Australian Prime Minister on his visit to Ha Noi, Vietnam at an organized event between AusCham and the Australian Embassy.