Vietnam & Australia promote ambitious bilateral economic relations

Minister of Industry and Trade Nguyen Hong Dien and Australian Minister for Trade and Tourism, Senator Don Farrell, had a working session on April 17 on the occasion of the 50th anniversary of the establishment of diplomatic relations between Vietnam and Australia. The session focused on specific measures to deepen economic and trade cooperation and effectively implement the Vietnam-Australia Comprehensive Strategic Partnership (CSP).

As economic partners, the two ministers agreed that a clear complementarity between the two economies means the trade and investment relationship has never been stronger. This is reflected in Vietnam currently being Australia’s 12^th-largest trading partner and ninth-largest market for Australian exports, while Australia is currently Vietnam’s seventh-largest trading partner. The two were pleased to see that Vietnamese businesses have made significant contributions to Australia, with a rising number of Vietnamese companies established and operating in the country and vice-versa.

The two discussed the common benefits achieved through the Vietnam-Australia CSP, especially in the fields of trade, industry, agriculture, energy, the digital economy, and education. They reaffirmed their commitment to continue effectively implementing the strategy and look forward to signing an MoU establishing a Ministerial-level Dialogue Mechanism on Trade and will co-chair the first Dialogue Session, which is an important initiative in the Vietnam-Australia CSP this year.

Both countries are committed to making efforts in the WTO to create a rules-based framework for global trade. They agreed to continue building positive momentum towards the 13th Ministerial Conference in 2024. They also recognized the importance of the free trade agreements (FTAs) both countries are members of (AANZFTA, RCEP and CPTPP) and the Indo-Pacific Economic Framework (IPEF) in supporting trade liberalization and economic growth.

The two ministers emphasized that both sides are seizing new opportunities and addressing new challenges together, such as in tourism, agriculture, the digital economy, supply chains, and energy transition, etc. They also shared a common commitment to reaching net-zero emissions by 2050 and emphasized the importance of a timely transition to clean energy as well as the necessity of cooperation to support each country’s climate and energy transition goals.