Australia, Vietnam aims to enhance economic partnership

The recently announced Australia-Vietnam Enhanced Economic Engagement Strategy aims to promote cooperation between Australia’s mature economy and Vietnam’s, which is one of the region’s fastest-growing and most lively economies.

“The economies of Australia and Vietnam are complimentary; we are more partners than competitors.” “Our supply chains are getting more intertwined, which means we’re selling to markets all around the world together,” said Dan Tehan, Australia’s Minister for Trade, Tourism, and Investment.

“The Economic Engagement Strategy’s execution will open mutually beneficial opportunities and strengthen our trade and investment partnership, particularly in important areas like education, resources, agriculture, manufacturing, and the digital economy,” he said.

In the areas of education, skills, and training, the two countries want to strengthen their cooperation by gaining a better knowledge of each other’s educational systems, skills and training landscapes, and labour market demands.

“Building durable higher education institutional linkages” will also be part of the plan, as will support for Vietnam’s university governance changes. Australia will establish a ‘Australia-Vietnam University Leaders Dialogue’ and a ‘Australia-Vietnam Policy Institute‘ as part of this.

Under the ‘Aus4Skills’ Program, Australia will also promote capacity building in Vietnam’s higher education sector, among other things.

The two nations would also work together to improve Vietnam’s ‘National Qualifications Framework and Recognition System.’ In order to allow “two-way student and labour mobility across borders, and to fulfil respective skilled labour and economic needs,” Australia will assist Vietnam in creating its framework.

The collaboration would also include Australia’s support for Vietnam’s creation of a “high-quality, industry-focused TVET system.” Under this project, the two countries will aim to become “knowledge partners” by using digital technologies, and will launch a “digital transformation in TVET” pilot programme to foster institutional collaborations between TVET providers in both countries.

The two countries will also look into the possibility of Australian companies delivering “short courses and micro-credentials” in Vietnam.

Furthermore, Australia will “encourage collaborations between Australian providers and ministries in Vietnam” in order to give “best practise” ELICOS programmes via the internet.

“Success in attaining the strategy’s common objectives will strengthen Vietnam’s and Australia’s economic positions.”

Student mobility and exchange restrictions will be reduced as well. To encourage stronger people-to-people ties, Vietnam will establish “increased post-study job privileges for international (including Australian) students.”

H.E. Nguyen Chi Dung, Vietnam’s Minister of Planning and Investment, highlighted the importance of the economic partnership and the new strategy, saying, “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.”

“The Australia-Vietnam economic partnership will give chances for investment and commerce, whether on the streets of Ho Chi Minh City or on the farmland of western Victoria,” Tehan added.

“As both of our countries emerge from the pandemic and begin their economic recovery,” he continued, “the approach gives significant prospects for both of our countries.”

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