Vietnam, Australia to boost trade, clean energy cooperation

Vietnam and Australia have refreshed their focus on trade ties and shared a commitment to cooperation in driving clean energy transformation.

Australia’s Prime Minister Anthony Albanese received Vietnam's visiting National Assembly Chairman Vuong Dinh Hue in Canberra on Wednesday. They agreed to push for stronger business relations.

A Wednesday announcement by the Australian Prime Minister's office said the two leaders discussed the vibrant bilateral trade, investment, education, and defense ties, underpinned by the Strategic Partnership and strong people-to-people links, ahead of the 50th anniversary of diplomatic relations next year.

The two leaders announced Australia and Vietnam's shared intention to elevate their ties to a Comprehensive Strategic Partnership, said the statement.

Accordingly, the Australian PM said the two nations’ relationship highlighted Australia's deepening ties with Southeast Asia.

"Australia and Vietnam share close bonds and a vision for a stable, peaceful, resilient, and prosperous region," Albanese said.

"Our shared ambition to elevate our formal ties is a reflection of our deepening cooperation on significant issues - economic, climate, and strategic. I look forward to continuing to strengthen Australia-Vietnam ties as we celebrate our 50th anniversary of diplomatic relations next year."

Australian Foreign Minister Penny Wong said in the statement, “Vietnam is a close partner and friend to Australia in Southeast Asia. Our two countries are working closely together to boost cooperation on climate change, expand economic and trade opportunities, and deepen our longstanding people-to-people ties.”

On October 25, Australia announced its budget for the 2022-2023 fiscal year. Accordingly, the country will increase ODA for Vietnam to A$92.8 million ($62.285 million) compared to A$78.9 million in the 2021-2022 fiscal year.

In Hanoi on November 25, visiting Australian Deputy PM and Minister for Defense Richard Donald Marles told Vietnam’s PM Pham Minh Chinh that the two nations should upgrade their relationship to a comprehensive strategic partnership in 2023 when they mark the 50th founding anniversary of diplomatic ties.

Marles said the two sides should work harder to accelerate the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and other cooperation mechanisms to elevate their cooperation to a new height.

Two-way trade between Vietnam and Australia hit $12.4 billion last year for the first time, up more than 49% over 2020, making Vietnam the 12th largest partner of Australia and Australia the 10th biggest of Vietnam, according to Vietnam General Statistics Office data.