Vietnam and Australia Agree to Boost Trade and Investment Ties
Sydney, The Gulf Observer: Vietnam and Australia have agreed to enhance their trade and investment relations, with a shared goal of reaching US$20 billion in bilateral trade. This commitment was made during the 6th Foreign Ministers’ Meeting, held in Adelaide on October 18, co-chaired by Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn, and Australian Minister for Foreign Affairs Penny Wong.
The two ministers expressed satisfaction with the strong and growing bilateral relations across various fields, both bilaterally and in multilateral settings. They highlighted progress in political ties, high-level exchanges, and defense cooperation, citing the successful organization of the first Ministerial Security Dialogue and joint efforts in United Nations peacekeeping.
Both sides viewed the upgrade of bilateral relations to a Comprehensive Strategic Partnership during Prime Minister Phạm Minh Chính’s official visit to Australia in May as a significant step forward, marking a new phase of cooperation with enhanced political trust and broader, deeper collaboration.
In addition to increasing trade, the two nations agreed to intensify high-level visits and double their investment, in line with the Enhanced Economic Engagement Strategy (EEES). Deputy PM Sơn acknowledged the positive trade developments, including the opening of markets for each other’s fruits, and welcomed Australia’s Southeast Asia Economic Strategy to 2040, which includes a focus on Vietnam.
Sơn also called for continued cooperation in education, people-to-people exchanges, and visa programs allowing Vietnamese citizens to work in Australia. He expressed gratitude for Australia’s support in providing essential supplies to Vietnamese localities affected by Typhoon Yagi.
Foreign Minister Wong emphasized Australia’s interest in further investment in Vietnam, particularly in high-tech industries. She suggested expanding cooperation in areas such as climate change response, green growth, energy transition, digital transformation, and innovation—sectors where Australia has considerable expertise. Wong reiterated Australia’s commitment to supporting Vietnam through technological research, infrastructure development, and human resource training, with the aid of official development assistance (ODA) and investment projects.
Australia will also offer more scholarships to Vietnamese students and expand educational cooperation between institutions in both countries, she added.
In terms of foreign ministry cooperation, the two ministers agreed to strengthen strategic information sharing and continue implementing existing mechanisms. They also pledged to enhance collaboration at multilateral forums, particularly the United Nations and the Association of Southeast Asian Nations (ASEAN).
Wong affirmed Australia’s commitment to ASEAN’s centrality and the Mekong-Australia Partnership, aimed at fostering sustainable development in the Mekong Sub-region. Both ministers stressed the importance of maintaining peace, stability, and freedom of navigation in the East Sea (South China Sea), while respecting international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
At the conclusion of the meeting, the two officials signed an action program to implement the Comprehensive Strategic Partnership for 2024-2027.
