Vietnam, Australia economic partnership meeting

Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade and Tourism Don Farrell recently co-chaired the fourth Australia-Vietnam Economic Partnership Meeting in Adelaide.

The meeting followed the upgrade of the Vietnam-Australia relationship to a Comprehensive Strategic Partnership in March.

Both sides expressed satisfaction with the positive development of bilateral economic relations. Two-way trade reached a record high of AUD26 billion ($14.7 billion) in the past three years, and Vietnam has become a significant source of international visitors for Australia.

Two-way trade reached $10.8 billion in the first nine months of 2024, with Vietnam's exports up 30.3% and imports down 9.3% year-on-year.

Australia's Southeast Asia Economic Strategy supports its businesses in seizing new opportunities in the region, with Vietnam defined as one of the countries offering significant potential for Australian exporters, Mr. Farrell noted.

Australia is a major provider of official development assistance (ODA) to Vietnam, allocating AUD95 million in 2023-2024, primarily in areas such as economic growth, skilled workforce development, energy and climate initiatives, and gender equality.

Australian investors have run 660 valid projects in Vietnam with total registered capital of $2.05 billion.

The two sides discussed measures to promote bilateral economic relations and open new directions. They assessed the implementation of the Enhanced Economic Engagement Strategy (EEES) and the results of working group meetings on ODA, FDI, and trade.

The two sides also deliberated cooperation at multilateral and regional forums, including ASEAN, APEC, WTO, RCEP, CPTPP, and IPEF.

They agreed to hold the fifth meeting in Vietnam to review the implementation progress of the EEES and agreements reached in the previous meeting, and to propose new initiatives and cooperation agreements.