Third Australia-Viet Nam Economic Partnership Meeting held

The two ministers observed that during this 50th year of diplomatic relations, the bonds between Australia and Viet Nam have become increasingly stronger.

This is reflected through the recent announcement of the intention to elevate the bilateral relationship to a Comprehensive Strategic Partnership (CSP).

They reaffirmed the strategic importance of the Economic Partnership Meeting in the bilateral economic architecture, providing a valuable opportunity to work together to pursue trade, investment, the clean energy transition, and development opportunities for both our countries.

Both sides acknowledged the many benefits achieved from the implementation of the Australia-Viet Nam Enhanced Economic Engagement Strategy and noted the contribution of this work to further Australia and Viet Nam's trade and investment relationship in key sectors such as agriculture, clean energy, tourism, education, and the digital economy.

The two ministers reflected on potential opportunities to further improve economic relations between both countries, particularly in the area of investment. They also discussed the significant, and longstanding, contribution of Australia's development program in Viet Nam.

Both sides also discussed regional and multilateral trade issues, including the immense opportunities presented by both countries' commitment to achieve net zero emissions by 2050.

They also reiterated their commitment to back ASEAN centrality and a region of peace, prosperity, and stability.

The 2024 Economic Partnership Meeting will be hosted by Australia.

* The same day, Don Farrell held talks with Minister of Industry and Trade Nguyen Hong Dien, during which both sides expressed their hope to soon sign 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.

Both sides underscored 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 liberalization and inclusive economic growth.

Given the importance of timely transition to clean energy, the two ministers emphasized the need to work together in support of each country's climate and energy transition goals.