Wooden goods are made for export to Australia at Tien Dat Funiture Co in Binh Dinh Province. The TPP plays a crucial role in trade relations between Viet Nam and Australia. — VNA/VNS Photo Vu Sinh

SYDNEY (Biz Hub) — Vietnamese and Australian businesses explored trade and investment opportunities that will be created by the Trans-Pacific Partnership (TPP) Agreement during a forum held in Sydney on Monday.

Minister of Industry and Trade Vu Huy Hoang said the TPP plays a crucial role in trade relations between Viet Nam and Australia, as it will supplement the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and open doors for Vietnamese products to enter the two markets.

Within the TPP framework, Australia has pledged to apply zero per cent tariffs for 94 per cent of Vietnamese products. In return, Viet Nam's commitment to open its market to Australian products under the TPP is stronger than that of the AANZFTA, Hoang said, adding that once the TPP is signed and comes into effect, investment opportunities in the respective countries will increase, especially in the fields of their strengths.

He cited mining, oil and gas, coal and services as Australia's strengths, while Viet Nam has potential in garments-textiles, footwear, farm produce and seafood.

The minister said Viet Nam hoped to receive more support from the Australian government and businesses in the fields of thermal coal and liquid natural gas.

He asked Australian agencies to facilitate the export of Vietnamese products, especially for agriculture and seafood.

According to CEO of the Australian Trade Commission Bruce Gospe, Viet Nam and Australia are forging close economic links, and the TPP will create more opportunities for the two countries to enhance their relations via realising the commitments outlined in the pact.

The two nations will have the opportunity to exchange goods and services as well as support other members of the TPP for effective global economic integration.

Regular delegation exchanges as well as over 28,000 Vietnamese students studying in Australia are considered important bridges for the two countries to increase their mutual understanding, he said.

He added that Australia was willing to support Viet Nam in human resources training to allow the Southeast Asian country to make the best use of the TPP's opportunities.

At the forum, businesses discussed a number of mutual concerns, such as the domestic and foreign investment climate as well as investment experience and opportunities in their respective societies.

Most Australian firms said they hoped the Vietnamese government would adopt a stable, long-term policy to enable them to do business in the country.

At the forum, the Viet Nam Trade Promotion Agency signed a Memorandum of Understanding on cooperation with the Australia Viet Nam Business Council and Viet Nam Business Association in Australia. — VNS