Meeting between Australia’s Minister for Trade and Tourism and Vietnam’s Minister of Industry and Trade

Against the backdrop of the 50th anniversary of Australia – Vietnam diplomatic relations, Vietnam’s Minister of Industry and Trade, Dr Nguyen Hong Dien and Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell had a meeting on 17 April 2023 in Hanoi to discuss specific measures to further deepen the bilateral economic relationship and implementation of the Australia - Vietnam Enhanced Economic Engagement Strategy.

Ministers acknowledged that during this 50th year of diplomatic relations, and as economic partners, the trade and investment ties between Australia and Vietnam have never been stronger; the complementarity of our economies is clear. In recent years, trade between our two countries has increased considerably and Vietnam is now Australia’s 12th largest two-way trading partner and 9th largest goods export market. Australia is Vietnam’s 7th largest two-way trading partner. Ministers also noted the significant opportunities to build on the investments and strong contributions that Australian firms have made to Vietnam and the increasing number of Vietnamese firms establishing operations in Australia.

Ministers discussed the shared benefits gained from the Australia – Vietnam Enhanced Economic Engagement Strategy particularly in areas such as trade, industry, education, agriculture, clean energy, and digital economy and reaffirmed their commitment to its continued implementation. Both Minister Dien and Minister Farrell look forward to signing the Memorandum of Cooperation to establish the Trade Ministers Dialogue and co-chairing the inaugural Dialogue, a key initiative under the strategy, later this year.

Ministers affirmed their commitment to investing in the WTO which provides the rules-based framework for global trade. Ministers agreed to continue building positive momentum in the lead up to the 13th Ministerial Conference in 2024. Ministers also acknowledged the importance of free trade agreements that both countries are members of (AANZFTA, RCEP and CPTPP) and the Indo-Pacific Economic Framework (IPEF) in supporting trade liberalisation and inclusive economic growth.

Ministers highlighted that both countries were working together on new opportunities and challenges, such as tourism, agriculture, digital economy, supply chains, clean energy transition and climate. Ministers acknowledged the shared commitment to net zero emissions by 2050 and highlighted the importance of a timely transition to clean energy and emphasised the need to work together in support of each country’s climate and energy transition goals.