Australia and Vietnam enhance economic partnership

The not too long ago launched Australia-Vietnam Enhanced Economic Engagement Strategy seeks to foster cooperation between Australia’s superior financial system and that of Vietnam, which is without doubt one of the quickest rising and vibrant economies within the area.

“Australia and Vietnam have complementary economies – we are partners more than competitors. Our supply chains are becoming more closely entwined, meaning together we are exporting to markets around the world,” stated Dan Tehan, Australia’s minister for Trade, Tourism and Investment.

“The implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and boost our trade and investment relationship, especially in key areas such as education, resources, agriculture, manufacturing and digital economy,” he famous.

In the area of training, abilities and coaching, the 2 nations are aiming at deepening cooperation on creating a better understanding of one another’s training techniques, the talents and coaching panorama, in addition to the labour market wants.

This may also embody “building enduring higher education institutional linkages” and offering help to Vietnam’s college governance reforms. As a part of this, Australia is to arrange an ‘Australia-Vietnam University Leaders Dialogue’ and an ‘Australia-Vietnam Policy Institute’.

Australia is to additionally help capability constructing in Vietnam’s larger training sector, beneath the ‘Aus4Skills’ Program, amongst different motion factors.

The nations may also collaborate on strengthening Vietnam’s ‘National Qualifications Framework and Recognition System’. Australia shall be offering help to Vietnam for creating its framework, with a purpose to facilitate “two-way student and labour mobility across borders, and to meet respective skilled labour and economic needs”.

The cooperation may also prolong to Australia supporting the event of a “quality, industry-focused TVET system” in Vietnam. Under this initiative, the 2 nations would work in the direction of changing into “knowledge partners” by leveraging digital applied sciences and can undertake a “digital transformation in TVET” pilot program to create alternatives to additional institutional partnerships between TVET suppliers within the two nations.

The nations may also discover alternatives for Australian suppliers to “deliver short courses and micro-credentials” in Vietnam.

Additionally, Australia is to additionally “promote partnerships between Australian providers and ministries in Vietnam” for delivering “best practice” ELICOS packages on-line.

“Success in achieving the common objectives of the strategy will further enhance the economic position of Vietnam and Australia”

Restrictions on scholar change and mobility may also be eased. Vietnam particularly is to implement “greater post-study work rights for international (including Australian) students” to advertise better people-to-people linkages.

Highlighting the importance of the financial partnership and the brand new technique, Vietnam’s minister of Planning and Investment, H.E. Nguyen Chi Dung stated, “success in achieving the common objectives of the strategy will further enhance 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,” stated Tehan.

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

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