A trade group known as the Viet Nam and Northern Territory Business Forum has been set up to enhance economic and trade links between Vietnamese and Australian businesses.— VNS Photo

HA NOI (Biz Hub)— A trade group known as the Viet Nam and Northern Territory Business Forum has been set up to enhance economic and trade links between Vietnamese and Australian businesses

Adam Giles, chief minister of the Northern Territory, told a meeting in Perth, Australia, that co-operation would focus on the strengths of both sides in construction, investment, oil and gas exploitation, education, training and agriculture. He said he admired Viet Nam's vigorous development and said he hoped to foster co-operation with cities such as Hai Phong and HCM City.

At the forum, Vietnamese Consul General Le Viet Duyen highlighted his country's potential for trade with Australia based on healthy developments in bilateral relations during the past 40 years.

He added that this relationship had bloomed since both nations established a strategic partnership in 2009.

The Northern Territory is viewed as one of Australia's economic engines with high annual growth of 4.5 per cent. This year's GDP is estimated to hit nearly A$20 billion (US$18.2 billion). This figure is predicted to double in 2030. — VNS