Australia- Vietnam: Looking to the future
Prime Minister Anthony Albanese has concluded his first official visit to Vietnam, a strategic and economic partner and enduring friend to Australia. Stepping-up Australia’s relations with Vietnam is an important part of the Government’s determination to rebuild Australia’s links with the countries of Southeast Asia.
This year marks 50 years since diplomatic relations were established with Vietnam. Since then, our partnership has expanded significantly, with work now underway to elevate the Australia-Vietnam relationship to a Comprehensive Strategic Partnership.
During the visit, Prime Minister Albanese met with his counterpart, Prime Minister Pham Minh Chinh and other senior leaders.
Bilateral talks focussed on ways to grow trade and investment, building on the impressive expansion of two-way trade which rose by almost 40 per cent last financial year. To reflect the vital importance of this trading relationship with a vibrant and growing economic partner, the Prime Ministers announced the inaugural Australia-Vietnam Trade Ministers’ Dialogue.
Leaders discussed expanding bilateral cooperation on climate, energy and the environment, including a new Australian commitment of $105 million focussed on enabling Vietnam to increase its uptake of clean energy and clean energy infrastructure and to update its mining law to attract foreign investment to develop Vietnam’s critical minerals resources.
All of this will help build a two-way partnership that contributes to global emissions reductions and is fit for the economic opportunities of the future.
Looking to the future, Leaders also welcomed growth in air links between the two countries with the increase in direct flights and the addition of new direct flights from Vietnam to Brisbane, which will boost tourism and trade ties.
Education links were another focus of the Prime Minister’s visit. Marking the next stage in the education relationship, the Prime Minister launched RMIT’s new Industry and Innovation Hub in Hanoi and welcomed RMIT’s intention to invest $250 million in its Vietnam operations, including a major expansion of its Ho Chi Minh City campus.
Prime Minister Albanese witnessed a new agreement for Western Sydney University to offer 60 Whitlam Scholarships over two years for Vietnamese and Southeast Asian students to study business, communications and data science in Vietnam and Australia.
The Prime Minister oversaw additional announcements on increased cooperation on digital economy, science commercialisation and innovation policy development, as well as the exchanging of financial intelligence to support cooperation on money laundering and terrorism financing.
Bilateral talks emphasised the importance of a stable, prosperous and resilient region, and the crucial role of ASEAN as Southeast Asia’s key forum for cooperation.
Quotes attributable to Prime Minister Anthony Albanese:
“I am honoured to visit Vietnam as we celebrate 50 years of relations between our nations.
“Australia and Vietnam are committed to working together to meet the challenges of the future, including the climate crisis. Australia is committed to becoming a renewable energy superpower and supporting our regional partners as they transition to net zero.
“Vietnam’s economic growth is nothing short of remarkable – and I am proud that Australia has played a role with increasing trade, investment, and development assistance.
“I look forward to continued discussions to elevate the Australia Vietnam relationship to a Comprehensive Strategic Partnership.”