Australia becomes Vietnam’s 7th comprehensive strategic partner
Vietnam and Australia have announced the upgrade of their relationship to a comprehensive strategic partnership, the seventh the Southeast Asian country has signed so far.
The announcement was made by Vietnamese Prime Minister Pham Minh Chinh and his Australian counterpart Anthony Albanese after official talks and a welcome ceremony with a 19-gun salute in Canberra on Thursday.
Vietnamese Prime Minister Pham Minh Chinh and his Australian counterpart Anthony Albanese during a press briefing in Canberra, Australia, March 7, 2024.
Chinh is in Australia to attend a summit to commemorate the 50th anniversary of ASEAN-Australia relations during an official visit to the country.
The upgrade puts Australia at the same level of relations with Vietnam as China, Russia, India, South Korea, the U.S., and Japan.
The new framework will enable the two countries to enhance relations in political and diplomatic trust; economics, trade, and investment; and cooperation in science-technology, innovation, digital transformation, and green transformation.
Albanese said that with the upgrade, the two countries will deepen cooperation in a wide range of areas such as climate change response, energy transition, natural resources including critical minerals, digital transformation, innovation, trade-investment, agriculture, defense, and education and training.
The two sides have agreed to establish an annual dialogue between their trade ministers; enhance monitoring of impacts by climate change on the maritime environment; and make digital transformation, science-technology, innovation and cooperation a new pillar in bilateral ties.
Australia will receive 1,000 laborers from Vietnam to work in the agriculture sector this year.
Also on Thursday, government agencies of the two countries announced the signing of 11 agreements in a series of fields such as education; energy and minerals; science-technology; banking; peacekeeping missions; finance; agriculture; trade promotion; and corral monitoring.
Bilateral trade reached $13.8 billion in 2023, making Australia Vietnam’s seventh largest trade partner and Vietnam the other’s 10th biggest one.
Aussie firms have invested in 631 projects worth $2.04 billion in Vietnam as of February 2024, turning Australia into the 20th largest investor in the Southeast Asian country.
Meanwhile, Vietnam has 92 direct investment projects with combined registered capital of $552 million in Australia as of December 2023.
Australia is among the largest official development assistance (ODA) donors of Vietnam.
- Related News
- Read More
Vietnam's 16% credit growth target for 2025 achievable: StanChart exec
2024 was a difficult year, but Vietnam's credit growth was still over 15%, and this year's 16% target, as directed by the State Bank, is achievable, said Nguyen Thuy Hanh, Standard Chartered Vietnam's CEO and head of banking & coverage.
Economy - Fri, February 21, 2025 | 9:02 am GMT+7
Vietnam’s leading IP builder Idico books record net profit in 2024 on strong sales
Idico Corporation, a leading industrial park developer in Vietnam, reported a record-high net profit of VND1.99 trillion ($78.21 million) in 2024, up 43% year-on-year.
Companies - Fri, February 21, 2025 | 8:23 am GMT+7
S Korea's powdered milk export to ASEAN soars
South Korea's powdered milk products have surged in popularity across Southeast Asia, with exports nearly tripling over the past decade as demand for Korean formula milk remains on the rise.
Southeast Asia - Thu, February 20, 2025 | 9:42 pm GMT+7
Singapore's economy projected to grow 1-3% this year
The Singaporean Ministry of Trade and Industry has forecast the country’s economic growth to range between 1-3% in 2025.
Southeast Asia - Thu, February 20, 2025 | 9:39 pm GMT+7
Philippines considers nickel export ban
The Philippine Government is considering a ban on raw nickel ore exports to boost its domestic processing industry.
Southeast Asia - Thu, February 20, 2025 | 9:37 pm GMT+7
Condé Nast Traveler suggests Phu Quoc as one of world's most affordable travel destinations for 2025
Condé Nast Traveler has ranked Vietnam as one of the most budget-friendly destinations for travel in 2025, with Phu Quoc being highlighted as a must-visit location in the S-shaped country thanks to its pristine beaches and resorts that "cannot be found anywhere else."
Travel - Thu, February 20, 2025 | 9:31 pm GMT+7
Nguyen Van Duoc elected HCMC Chairman
Nguyen Van Duoc, deputy Party chief of Ho Chi Minh City, was elected Chairman of the southern economic hub on Thursday.
Politics - Thu, February 20, 2025 | 8:16 pm GMT+7
Standard Chartered Hanoi Heritage Marathon set to take place in Nov
The Standard Chartered Hanoi Heritage Marathon, the 10th race in the globally renowned Standard Chartered Marathon series, will take place in Hanoi on November 9, 2025, following the success of its inaugural event in November last year.
Travel - Thu, February 20, 2025 | 5:06 pm GMT+7
UAE’s DP World to help southern Vietnam province build free trade zone
The UAE-headquartered DP World, a global leader in logistics, will help the southern coastal province of Ba Ria-Vung Tau build a free trade zone (FTZ), the first of its kind in southeastern Vietnam.
Infrastructure - Thu, February 20, 2025 | 4:47 pm GMT+7
Vietnam to develop offshore wind power after 2030: ministry
The Vietnamese Ministry of Industry and Trade has proposed delaying the development of offshore wind power until after 2030, instead of meeting the initial target of 6,000 MW within the next five years.
Energy - Thu, February 20, 2025 | 4:38 pm GMT+7
Mining, steel, construction firms set to capitalize on Vietnam's nuclear power development
The mining sector is expected to benefit significantly from the development of the Ninh Thuan nuclear power plants in Vietnam, said Nguyen The Minh, head of research at broker Yuanta Securities Vietnam.
Industries - Thu, February 20, 2025 | 3:28 pm GMT+7
$1.9 bln LNG power project in northern Vietnam calls for mine clearance bids
The $1.9 billion Quang Ninh LNG power plant, the first such facility in northern Vietnam, is inviting bids for the mines and explosives clearance package.
Energy - Thu, February 20, 2025 | 2:20 pm GMT+7
Steel maker Hoa Sen to pour $90 mln into central Vietnam factory expansion
Hoa Sen Nhon Hoi-Binh Dinh One Member LLC, a subsidiary of Hoa Sen Group, will invest over VND2.3 trillion (over $90 million) to expand its steel plant in the south-central province of Binh Dinh.
Industries - Thu, February 20, 2025 | 11:48 am GMT+7
Samsung’s profit falls in Vietnam, doubles globally in 2024
Samsung Electronics recorded a profit of $25.3 billion in 2024, up 122% year-on-year, but the total profit of its four major factories in Vietnam fell 11.4% to $3.2 billion.
Companies - Thu, February 20, 2025 | 10:23 am GMT+7
Serviced apartments see strong growth in Hanoi, face challenges in HCMC
The serviced apartment market in Hanoi experienced significant growth in 2024, driven by strong foreign direct investment (FDI) flows, while it faced challenges from declining FDI and increasing competition in Ho Chi Minh City.
Real Estate - Thu, February 20, 2025 | 8:15 am GMT+7
Swedish textile firm Syre eyes $1 bln fiber factory in central Vietnam
Sweden’s textile company Syre wishes to invest in a polyester fiber recycling factory in the south-central province of Binh Dinh, with an estimated investment ranging from $700 million to over $1 billion.
Industries - Wed, February 19, 2025 | 9:50 pm GMT+7
