Vietnam and Australia Aim to Achieve $20 Billion in Bilateral Trade

At the 6th Foreign Ministers' Meeting held in Adelaide on October 18, Vietnam and Australia reaffirmed their commitment to strengthening trade and investment ties, setting a goal of $20 billion in bilateral trade.

Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son (left) and Australian Minister for Foreign Affairs Penny Wong sign an action program to implement the Comprehensive Strategic Partnership for 2024–2027. (Photo: VNA via vnplus.vn)

Advancing the Comprehensive Strategic Partnership

Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son and Australian Foreign Minister Penny Wong co-chaired the meeting, highlighting the robust progress in bilateral relations. They celebrated the deepening political and defence ties, marked by high-level delegation exchanges and the successful inaugural Ministerial Security Dialogue, as well as active collaboration in United Nations peacekeeping missions.

The officials acknowledged the milestone achieved with the upgrade of their relationship to a Comprehensive Strategic Partnership during Vietnamese Prime Minister Pham Minh Chinh's official visit to Australia in May. This upgrade was described as a historic development, paving the way for closer and more effective collaboration in various sectors.

Trade and Economic Cooperation

Both countries committed to doubling their investment levels as outlined in the Enhanced Economic Engagement Strategy (EEES). Deputy PM Bui Thanh Son praised Australia's swift implementation of its Southeast Asia Economic Strategy to 2040 in Vietnam and welcomed expanded market access for Vietnamese agricultural products in Australia.

Minister Wong encouraged Vietnam to create favorable conditions for Australian investments, especially in high-tech sectors. She also emphasized the need to enhance cooperation in addressing climate change, fostering green growth, energy transition, digital transformation, and innovation—areas where Australia has strong expertise.

Education and People-to-People Connectivity

The two sides agreed to strengthen educational collaboration, including increased scholarships for Vietnamese students and greater connectivity between educational institutions. They also discussed expanding visa programs to facilitate Vietnamese professionals working in Australia.

Humanitarian Support and Regional Cooperation

Deputy PM Son expressed gratitude for Australia’s timely support to Vietnamese provinces affected by Typhoon Yagi, while Minister Wong reiterated Australia’s commitment to assisting Vietnam through development aid and investments in areas like digital infrastructure, energy transition, and green technology.

On the regional front, the officials reaffirmed their dedication to enhancing cooperation at multilateral forums, including ASEAN and the United Nations. Minister Wong highlighted Australia's commitment to supporting ASEAN's centrality and promoting sustainable development in the Mekong Sub-region through the Mekong-Australia Partnership.

Shared Vision for Peace and Stability

The two sides emphasized the importance of maintaining peace, stability, and freedom of navigation in the East Sea, reaffirming their adherence to international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Action Programme Signing

The meeting concluded with the signing of an action program to implement the Comprehensive Strategic Partnership for 2024–2027, solidifying their shared vision for enhanced cooperation in the years to come.