Australia and Vietnam strengthen economic partnership


The recently launched Australia-Vietnam Enhanced Economic Engagement Strategy seeks to foster cooperation between the advanced economy of Australia and that of Vietnam, which is one of the fastest growing and dynamic economies in the region.

“Australia and Vietnam have complementary economies – we are more partners than competitors. Our supply chains are increasingly intertwined, which means that together we export to markets around the world,” said said Dan Tehan, Australian Minister for Trade, Tourism and Investment.

“Implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and strengthen our trade and investment relationship, particularly in key areas such as education, resources, agriculture, manufacturing and technology. ‘digital economy,’ he noted.

In the field of education, skills and training, the two countries aim to deepen their cooperation by developing a better understanding of their respective education systems, the skills and training landscape, as well as the needs of the labor market. work.

It will also involve “creating lasting institutional links in higher education” and providing support for reforms in the governance of Vietnamese universities. As part of this, Australia is to set up an “Australia-Vietnam University Leaders’ Dialogue” and an “Australia-Vietnam Policy Institute”.

Australia should also support capacity building in the higher education sector in Vietnam, under the “Aus4Skills” program, among other action points.

The countries will also work together to strengthen Vietnam’s “National Qualifications Framework and Recognition System”. Australia will provide support to Vietnam to develop its framework, to facilitate “two-way mobility of students and labor across borders, and to meet respective skilled and economic labor needs.” “.

Cooperation will also extend to Australia to support the development of a “quality, industry-driven TVET system” in Vietnam. Under this initiative, the two countries will strive to become “knowledge partners” by leveraging digital technologies and will undertake a “digital transformation of TVET” pilot program to create opportunities for additional institutional partnerships between TVET providers in both countries.

The countries will also explore opportunities for Australian providers to “provide short courses and micro-certificates” in Vietnam.

Additionally, Australia is also to “promote partnerships between Australian providers and government departments in Vietnam” for the delivery of “best practice” ELICOS programs online.

“SSuccess in achieving the common goals of the strategy will further strengthen the economic position of Vietnam and Australia.”

Restrictions on student exchanges and mobility will also be eased. Vietnam, in particular, needs to implement “greater post-study work rights for international students (including Australians)” to promote greater people-to-people connections.

Underlining the importance of the economic partnership and the new strategy, Vietnam’s Minister of Planning and Investment, HE Nguyen Chi Dung, said: “Success in achieving the common goals of the strategy will further strengthen the economic position of Vietnam and Australia, contributing to the safety, security and shared prosperity of the Asia-Pacific region.

“Whether on the streets of Ho Chi Minh City or on the farms of western Victoria, the Australia-Vietnam economic relationship will provide opportunities for investment and trade,” Tehan said.

“As our two countries emerge from the pandemic and begin their economic recovery, the strategy presents tremendous opportunities for both our nations,” he concluded.


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