Prime Minister Nguyen Tan Dung held a dialogue with hundreds of Vietnamese and Australian business representatives in Sydney on March 17, committing all possible support to them in accordance with the law.

Prime Minister Nguyen Tan Dung talks with Australian businesses

The Government of Viet Nam will continue running the market economy in a way that ensures fair, open and transparent competition between domestic and foreign businesses, he assured participants.

The PM reiterated Viet Nam’s commitment to integrate into the world economy by fully delivering on its World Trade Organisation commitments and other bilateral and multilateral free trade agreements (FTAs).

He made it clear that the Government backs Australian firms in Viet Nam’s economic restructuring process, particularly in the Australian strength of energy, telecommunications infrastructure, education-training, sustainable agriculture and finance.

Regarding bad debt trading, he said Viet Nam highly encourages investors to join the market, especially purchasing debts in real estate or business projects, given that many investors yielded positive outcomes.

The goal is to bring the rate of non-performing loans in commercial banks to below 3% from the current 5%, he added.

At the end of the dialogue, Vietnamese and Australian firms reached a number of deals in workforce training, container export, farming materials supply and farm produce trading.

The firms wished the two governments work out a concrete action plan to foster the bilateral comprehensive partnership and open up new businesses opportunities.