COMPREHENSIVE STRATEGIC PARTNERSHIP BETWEEN VIETNAM AND AUSTRALIA – A BOOST FOR ECONOMIC DEVELOPMENT

In March 2024, the 4th Vietnam-Australia Ministerial Economic Partnership Meeting took place successfully in Adelaide, Australia, co-chaired by Vietnam’s Minister of Planning and Investment Nguyen Chi Dung and Australia’s Minister for Trade and Tourism Don Farrell. The meeting focused on discussing measures to enhance economic relations between Vietnam and Australia and reviewing the effectiveness of the Enhanced Economic Engagement Strategy between the two nations.

In terms of development cooperation, according to the Australian Embassy, Australia provided AUD 95 million to Vietnam for the 2023–2024 period, focusing on economic growth, the development of a skilled workforce, energy and climate initiatives, and gender equality.

Regarding foreign investment, as of August 2024, Vietnam hosted 660 active projects from Australian investors, with a total registered capital of USD 2.05 billion. These projects spanned industries such as manufacturing and processing, hospitality, agriculture, forestry, and fisheries.

In trade, bilateral trade turnover reached USD 10.8 billion in the first nine months of 2024, up 5.6% year-on-year. Australia remains a key supplier of raw materials to Vietnam, supporting sectors such as agriculture, textiles, and mining.

In education, data from the Australian Department of Education showed that Vietnam ranked 5th among countries with the highest number of students studying in Australia, with over 31,000 Vietnamese students currently enrolled. These students have become a vital bridge for cultural and intellectual exchange between the two countries. Both sides also discussed collaborative education programs and joint research, particularly in high-tech fields.

During the meeting, the two parties explored potential areas for cooperation and investment between Vietnam and Victoria, Australia, and proposed innovative solutions for workforce development in sectors such as technology, especially artificial intelligence (AI) and semiconductors.

Minister Nguyen Chi Dung emphasized, "Vietnam seeks to strengthen bilateral investment, focusing on promising technology sectors such as green economy, digital economy, education, digital transformation, circular economy, high-tech agriculture, renewable energy, and new energy."

Australia also acknowledged the potential for collaboration and committed to creating favorable conditions for Vietnamese businesses to invest and operate in Australia. During the meeting, Minister Don Farrell stated, “The relationship between Australia and Vietnam has never been stronger than it is today. We know that Australia's prosperity, its security, and its economic futures are linked to Southeast Asia, and Vietnam will play a pivotal role for the region.”

Both countries plan to hold the 5th Vietnam-Australia Ministerial Economic Partnership Meeting in Vietnam to review progress and propose new cooperation initiatives.