Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), had a reception meeing with President of the Australian Chamber of Commerce in Vietnam (AusCham) Mr. Simon Pugh on April 15, at VCCI Hanoi headquarters.

 At the meeting, the two sides discussed the setting up "Vietnam - Australia
Business Council" (VABC), gathering businesses interested in further
developing Vietnam and Australia economic - trade relations.

VABC will be a place for businesses to contribute ideas and proposals to promote business cooperation, enhance dialogue to create a transparent business environment and engage local businesses to participate in global value chains by boosting Vietnam's exports through major Australian corps as well as calling for Australian high-quality investment into Vietnam.

Vietnam and Australia have become strategic partners since March 15, 2018. The two sides have complementary advantages. Australia's imports from Vietnam include apparel, footwear, wood, tropical agricultural products, seafood, and electronics, etc. Vietnam imports agricultural products from Australia such as milk and dairy products, wine, lamb, fruit.

The council is expected to support agriculture, renewable energy, clean energy, mining, infrastructure development; micro, small and medium-sized enterprises; women-owned enterprises. It is also designed to enhance cooperation in training to improve management skills, corporate governance, social accountability, improve competitiveness, connectivity between local and FDI businesses, etc.

On the basis of the importance of expanding business relations between Vietnam and Australia, VCCI and AusCham agreed to sign a cooperation agreement on establishing the Vietnam - Australia Business Council scheduled for April 23, 2021.