(VOVworld) - The Trans-Pacific Partnership (TPP) agreement will help boost trade and investment relations between Vietnamese and Australia, said Deputy Chairman of Ho Chi Minh city’s Union of Business Associations (HUBA) Pham Ngoc Hung at a workshop in Ho Chi Minh City on Wednesday.

The Trans-Pacific Partnership (TPP) agreement will help boost trade and investment relations between Vietnamese and Australia (vietnamexport)

Hung said Vietnam is benefiting from a preferential tariff scheme for ASEAN members under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). When the TPP takes effect, Vietnamese businesses will enjoy even more favorable conditions in accessing the Australian market.

A representative of Australia’s Victoria State government said Vietnamese businesses can invest in certain of the state’s sectors, including construction, real estate, finance, and beauty care. He said local authorities will also provide special support programs and incentives when Vietnamese businesses invest in pharmaceuticals, pharmaceutical equipment, green energy, international education, and food.