Deputy Premier and Minister for Regional NSW, Industry and Trade John Barilaro today signed a new strategic partnership between NSW and Ho Chi Minh City province in Vietnam to boost trade and investment and deepen ties between the two states.
Mr Barilaro said the Sister State Relationship memorandum of understanding (MoU) is the first international agreement of its kind signed by Ho Chi Minh City province.
"Ho Chi Minh City province has never before signed an MoU with any other city, state or country, which makes this an exceptionally significant occasion," Mr Barilaro said.
"Vietnam has the fastest expanding middle class in South East Asia, creating strong demand for more high quality produce, goods and services from NSW businesses and educational institutions.
"NSW merchandise exports to Vietnam grew a massive 31 per cent in the last financial year to reach $990 million but the potential for growth is phenomenal.
"Ho Chi Minh City is the most populous and wealthy province in Vietnam and this agreement will put NSW front and centre to take advantage of emerging opportunities presented by one of the fastest growing states in the region," he said.
NSW's MoU with Ho Chi Minh City will open avenues for goods and services exports and investment across a range of fields including education and training, resources, food and agriculture, startups and technology, infrastructure, and tourism.
"The agreement will further cement the existing ties between the economies of Vietnam and NSW many of which are built through personal contacts. NSW is home to some 84,000 Vietnam-born residents, making up our sixth largest foreign-born group," Mr Barilaro said.
"NSW's international reputation for quality, safe and sustainable products and world-class vocational education and training will also help drive our relationship with Vietnam.
"More than 10,000 Vietnamese students study in NSW and annual growth in student numbers has averaged seven per cent over the past five years.
"The MoU between the Ho Chi Minh City and the NSW Government will focus on critical areas of trade including education and training, resources and energy, agriculture and food, start-up businesses and SMEs, science and technology, tourism and investment in infrastructure and business," he said.
