Ba Ria-Vung Tau deemed attractive destination for bolstering Vietnam-Australia economic ties
Ba Ria-Vung Tau is an emerging hub for foreign investment and an attractive destination for Australia’s economic diversification as well as for its bolstering economic relations with Vietnam, according to a new report published by Perth USAsia.
Quang Trung Street in the southern province of Ba Ria-Vung Tau. (Photo: VNA)
Sydney (VNA) – Ba Ria-Vung Tau is an emerginghub for foreign investment and an attractive destination for Australia’seconomic diversification as well as for its bolstering economic relations withVietnam, according to a new report published by Perth USAsia.
Canberra is recalibrating its economic relations inthe Indo-Pacific region, with the emphasis placed on building trade andinvestment relations with Southeast Asian nations.
The report describes Ba Ria-Vung Tau as an ideal focalpoint for efforts to lift the Vietnam-Australia economic ties. The southern province boasts seaports, a newairport under construction, along with constantly upgraded liquefied natural gas (LNG)import infrastructure in the province and nearby localities, which make Ba Ria-Vung Tau a competitive destination for investors from Australia.
Australia could hardly find any other place more appealingin Southeast Asia, says report author and policy researcher Kyle Springer. Thepresence of many Australian companies, developed infrastructure, location anddiplomatic and economic frameworks between the two countries are among theprovince’s advantages.
In September 2020, the state of Western Australia signeda Memorandum of Understanding with the Ba Ria-Vung Tau People’s Committee todevelop trade and closer linkages between the governments and enterprises ofthe two sides.
The agreement was the state’s strategic choice, opening anumber of economic opportunities not only for Western Australia but alsoAustralia, according to Springer.
Vietnam-Australia trade has grown steadily, accountingfor 15 percent of the total trade between Australia and ASEAN in 2020. Thebilateral trade is expected to thrive further in the coming years thanks toestablished economic frameworks, including the Regional Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)./.
The Prime Minister has approved an investment plan for the first phase of the Bien Hoa - Vung Tau expressway project, which is expected to speed up travel between Dong Nai, Ba Ria - Vung Tau and Ho Chi Minh City.
The Civil Aviation Authority of Vietnam (CAAV) has submitted a proposal to the Ministry of Transport on investing in a project to upgrade Con Dao airport in the southern province of Ba Ria - Vung Tau, enabling it to receive larger aircraft.
Vietnam Airlines on October 22 morning launched its first flight to Con Dao island offshore Ba Ria-Vung Tau southern province after a social distancing period to curb the spread of COVID-19.
Despite COVID-19 impacts, industrial parks (IP) in the southern province of Ba Ria-Vung Tau have seen good signs in investment attraction, according to the provincial IP Management Board.
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Quang Trung Street in the southern province of Ba Ria-Vung Tau. (Photo: VNA)
