(VOVworld)- A conference has been held in Sydney, Australia to highlight opportunities and challenges in the Vietnamese market, drawing representatives from more than 100 enterprises and organisations interested in Vietnam.

Vietnamese Ambassador to Australia Luong Thanh Nghi addressing the event (Photo: VNA)

Addressing the event, Vietnamese Ambassador to Australia Luong Thanh Nghi briefed participants on the socio-economic development of Vietnam, as well as the country’s important achievements during 30 years of renewal.

Vietnam has become a middle-income country, with an average annual growth of over 6 percent in many years and people’s improved living conditions, he noted, adding tha t the country is also integrating into the world intensively and extensively.

However, he also pointed out a number of challenges facing the country amidst the complicated world situation and slow global economic recovery.

In the coming time, Vietnam will focus on reforming the economy, restructuring State-owned enterprises and creating favourable conditions for foreign investors, he affirmed.

The a mbassador highlighted the effectively developing ties between Vietnam and Australia in all fields, noting that Vietnam is the fastest growing trade partner of Australia among ASEAN countries.

Participants at the event also discussed opportunities for Australian firms in Vietnam as well as their experience in the market. They noted Vietnam’s great economic potential thanks to its strategic location, improv ing investment environment and young workforce as well as the country’s signing of many free trade agreements, including that with the EU and the Trans-Pacific Partnership.

On the occasion, the Australia - Vietnam Young Leadership Dialogue (AVYLD) officially became operational as an initiative of some Vietnamese - Australian youngsters, aiming to strengthen the mutual understanding between the two countries’ people, particularly the youth.

The non-profit forum is supported by the Australian Government through the Australia-ASEAN Council and other partners. The first dialogue is slated for May 2017.