Speech, Australia Vietnam Policy Institute Conference

Thank you everyone, and thank you for coming to my home town of Adelaide. This is Adelaide's newest hotel, so we've picked the perfect spot for you.

A long time ago, when I was a student at Adelaide University, I used to have a job over Christmas, and the job that I had over Christmas was organising Christmas cards and getting them sent to the right people. And I worked here in this building. This building used to be the General Post Office, and of course, now it's been converted into a wonderful hotel to host all of our guests, and I welcome the Ministers and the Ambassador to join us here today.

I’d like to begin by acknowledging the traditional owners of the land on which we meet today, and pay my respect to their elders past and present.

I extend that respect to Aboriginal and Torres Strait Islander peoples with us here today.

I’d also like to thank all of you for being here today, and for the contributions you’ve all made to deliver this wonderful event.

The relationship between Australia and Vietnam has never been stronger.

After celebrating 50 years of diplomatic relations last year, we are ready to take on the next 50 years together – building on our deep friendship, trust and shared ambition for peace and prosperity.

This morning, I was delighted to host His Excellency, Dr Nguyen Chi Dung, Vietnam’s Minister of Planning and Investment, for the fourth Australia – Vietnam Economic Partnership meeting.

This meeting builds off the successful Australia-ASEAN Special Summit that the Prime Minister hosted in Melbourne back in March this year.

And it highlights the priority that our government places on boosting economic ties with Vietnam.

Because we know that Australia’s prosperity, security and economic future are linked to Southeast Asia, and Vietnam will play a pivotal role for the region.

Our region will see one of the most dramatic economic transformations of the 21st Century.

The Southeast Asia Economic Strategy to 2040 shows that the region’s GDP is projected to grow significantly in the next two decades - from $3.6 trillion US in 2022, to nearly $14 trillion by 2040.

And Vietnam will be a key driver of this growth - with GDP growth forecast between 5 to 7 per cent each year through to 2040.

The number of Vietnamese households with disposable incomes of more than $15,000 US will rise by 20 million by 2040.

To put that in perspective, that’s twice as many middle-class consumers than there are in Australia today.

Of course, Australia wants to be a partner in this ambitious growth story.

As our neighbours look for options to boost fast-growing economies, Australia has much to offer as a trusted and reliable partner.

We have the capabilities, goods, services and capital to drive long-term economic growth in the region we share.

Australia has great strengths in sectors like agriculture and food, resources, green energy, infrastructure, education and skills, and the digital economy.

That’s why we’ve been working hard to super-charge our connections with ASEAN countries.

We’ve established a $2 billion Southeast Asia Investment Financing Facility which will support projects to accelerate more Australian trade and investment in Southeast Asia.

We’ve established new deal teams including in Ho Chi Minh City, to get boots on the ground, and facilitate greater Australian investment in commercial projects. We couldn't have a better advocate on our behalf, than Louise Adams.

We’ve appointed private sector business champions, who are leading business delegations, and raising awareness of the many opportunities that are out there.

We’re streamlining Australia’s foreign investment framework, to make sure that it’s fit for purpose and ready to attract investment that aligns with Australia’s national interest.

And through it all, we’ve been partnering, listening and responding to the needs and aspirations of our Southeast Asian friends as we work on building closer ties.

All of this effort and increased focus from our government is starting to pay dividends.

In the almost three years since our government came to office, we’ve seen nearly 80 per cent growth in two-way trade with Vietnam – reaching an incredible $26.2 billion in 2023.

And since the beginning of this year, Australian businesses partnering with Austrade have achieved a record $1 billion in commercial outcomes across Southeast Asia.

Beyond trade – we are seeing record growth in tourism from Vietnam as well.

Vietnam has been Australia’s highest growth market for international visitors, with nearly 180,000 Vietnamese visitor arrivals in 2023-24. This is 55 per cent above pre-pandemic levels.

And of course, Vietnam is also a favourite destination for Australian travellers – with nearly 390,000 short term visits to Vietnam last financial year, up 20 per cent on pre-COVID levels.

So both ways - lots more Vietnamese coming to Australia, lots more Australians going to Vietnam, and we very much welcome Vietnam's steps to boost our bilateral relationship.

Together, we are implementing our Comprehensive Strategic Partnership, and the Australia-Vietnam Enhanced Economic Engagement Strategy.

This is an important relationship for Australia, one we intend to continue to build on.

So, my message to those looking to future-proof their businesses, is to look to Vietnam, and Southeast Asia more broadly - because there are opportunities for each and every one of you, and they’re right on our doorstep.

Thank you and please enjoy today’s conference.