Cat Tuong Group and Wool Producers Australia Sign MOU to Strengthen Bilateral Cooperation

SYDNEY, May 31, 2024 /PRNewswire/ -- The "NAM DINH – VIETNAM INVESTMENT PROMOTION & TRADE CONFERENCE 2024" took place at the Metro Maslow Sydney Central Hotel, Australia, on May 29th, 2024. The event aimed to introduce the potential, and investment opportunities in Nam Dinh province (Vietnam) to Australian investors, especially in the context that both nations have recently upgraded relations. On the sidelines of the event, Cat Tuong Group (CTGG), a leading real estate and industrial park developer in Vietnam, and WoolProducers Australia (WPA), the premier organization representing Australian wool growers, announced the signing of a Memorandum of Understanding (MOU). This agreement is based on productive discussions in April 2024 and marks a significant milestone in fostering bilateral cooperation.

The signing ceremony was witnessed by the Vietnamese Consulate General in Australia, the Commercial Counselor of Vietnam, and a delegation from the Nam Dinh Provincial (Vietnam) Party Committee, Department of Foreign Affairs and Trade^[1] of Australia with key representatives from both CTGG and WPA in attendance. This event also marked the elevation of CTGG and WPA's relationship to a Strategic Partnership, reflecting strong and sustainable development. This relationship has been strengthened by WPA's visit to Nam Dinh province in September 2023 and their participation in the SaigonTex & SaigonFabric 2024 exhibition in Vietnam.

This partnership aligns with CTGG's strategic vision of sustainable industrial development and WPA's objective to diversify its wool processing chain. The collaboration is expected to significantly enhance the wool processing industry in Vietnam, integrating it into the global supply chain and boosting the domestic textile and garment sector's global standing. Following the MOU signing, CTGG and WPA will initiate projects and activities to facilitate the entry of Australian wool into the Vietnamese market. These efforts will focus on developing infrastructure, enhancing industrial park capabilities, and promoting sustainable practices in wool processing.

"As the Developer of Rang Dong Textile Industrial Park (Aurora IP), we are thrilled to formalize our partnership with Wool Producers Australia through this MOU," said Mr. Tran Quoc Viet, Founder Chairman of the Board of Director of Cat Tuong Group. " "With the experience of Cat Tuong Group and the preferential policies and support of Nam Dinh province, Aurora IP can meet the expectations of global investors, especially in capturing the shift in the Australian wool value chain."

Aurora IP is one of the names that stand out in in the planned Ninh Co Economic Zone of Nam Dinh Province, strategically with waterway connection system with many ports, and connecting roads to Hanoi, Ninh Binh, Thai Binh.  Aurora IP follows a green, clean, and sustainable industrial park model, specializing in the textile and garment industry. It can meet the standards for wool producers to set up early-stage processing facilities due to its ability to host textile facilities and wastewater treatment. Aurora IP can supply up to 170,000 m³ of freshwater and treat up to 110,000 m³ of wastewater per day. The industrial park focuses on attracting FDI investors from the textile and garment industry and has successfully closed deals with major enterprises from Hong Kong, Japan, and Taiwan, achieving nearly 40% occupancy in a short period of time. 

After the success of the "NAM DINH – VIETNAM INVESTMENT PROMOTION & TRADE CONFERENCE 2024" and the signing of the MOU, senior leaders of both sides expressed their determination to work towards a common goal. They plan to spread information about the investment environment at Aurora IP and host more events to promote development cooperation between the two sides. Soon, many Australian businesses will explore and decide to invest in Aurora IP, further strengthening the bilateral cooperation between CTGG and WPA in particular, and between Vietnam and Australia in general. The event also demonstrated Aurora IP's commitment to building an extensive and comprehensive industrial ecosystem, contributing to the common prosperity of the locality and the nation.

References

1. ^{^} Department of Foreign Affairs and Trade (www.dfat.gov.au)