WA Looks to Vietnam On Road to Recovery
Perth USAsia Centre has welcomed a Memorandum of Understanding (MOU) between the State of Western Australia and the Province of Ba Ria-Vung Tau, a province within one of Vietnam’s most dynamic economic zones, the Ho Chi Minh City metropolitan area, with a population of 22 million people.
The virtual signing of the MOU which took place from Minister Tinley’s office this week, is part of the State Government’s Asian Engagement Strategy, and is expected to bolster trade and economic ties between the two countries.
Perth USAsia Centre’s Senior Analyst Kyle Springer said Australia was an early investor in Vietnam when it started on its path of economic reform in the late 1980s. As early as 1994 BHP had business interests in this part of Vietnam.
“WA businesses already have a footprint in Ba Ria-Vung Tau Province. Between Austal’s shipyard and Interflour’s grain terminal, there is a lot of momentum to build on. This MoU will help WA continue its history of engaging with one of Southeast Asia’s fastest-growing economies,” Mr Springer said.
With an early recovery rate during COVID-19, Vietnam has had a small amount of cases, and were able to reopen their economy as early as April.
“Vietnam and Western Australia have been fortunate in their ability to control the spread of COVID-19 in their territory and this MoU creates a pathway for economic partnership when borders reopen.”
“Vietnam is one of the few countries in Asia which will continue positive economic growth despite the COVID-19 pandemic,” Mr Springer said.
Perth USAsia Centre is a not-for profit partisan think tank based at The University of Western Australia, funded by the Federal and State Governments, and involved with informing public policy to strengthen ties between our nation; countries within the Indo-Pacific region and the United States.
For further information, please contact
Senior Media and PR Advisor, T: 6488 4329 M: 0414 428 440