Vietnam & Australia set to deepen economic ties

The governments of Vietnam and Australia released the Australia - Vietnam Enhanced Economic Engagement Strategy (EEES) on December 21, to unlock the significant opportunities for businesses in the two countries.

The strategy sets out a road map to increase trade and investment opportunities and forge closer ties. It is the first of its kind for Vietnam and Australia and reflective of both countries’ mutual interests.

To support the two countries, the strategy outlines a series of mutually beneficial, practical initiatives to deepen trade and investment links in key sectors, including agriculture, education, energy, services, and the digital economy. It also highlights the importance of strengthening the rules-based global trading system as the basis for open international trade and working together to address economic challenges and coercive economic practices.

“We are proud to have publicly released this strategy in partnership with Vietnam,” said Australian Ambassador to Vietnam, H.E. Robyn Mudie. “It is the strongest reflection yet of our confidence in our shared economic future. Through this strategy, we can recover our economies and prosper together. The strategy will help guide our two countries towards an inclusive and sustainable growth path.”

The Ambassador also said that Australia is a reliable supplier of the services and raw materials that Vietnam’s exporters require, and Australian consumers enjoy Vietnam’s high-quality products in their homes and workplaces. There is enormous potential to take the relationship even further as the two countries emerge from the pandemic.

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, the economic potential between Vietnam and Australia is great and the strategy will be central to realizing this potential. It demonstrates Vietnam’s commitment to promoting economic, trade, and investment links across key sectors and will help support economic recovery post-pandemic.