Viet Nam, Australia sign MoU on cooperation to optimize FTA’s benefits
VGP - Viet Nam’s Ministry of Industry and Trade and the Department of Foreign Affairs and Trade of Australia signed a memorandum of understanding (MoU) on cooperation to optimize free trade agreements (FTAs)’ benefits in Ha Noi on November 3.
The signing ceremony of the memorandum of understanding (MoU) on cooperation to optimize free trade agreements (FTAs)’ benefits, Ha Noi, November 3, 2025 - Photo: VGP
The MoU was inked by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Australian Ambassador to Viet Nam Gillian Bird within the framework of the consultation workshop to draw contributions to the development of the FTA ecosystem.
The MOU signing represents an important step in strengthening the relationship between Viet Nam and Australia and lays the foundation for a more favorable business environment, and contributes to addressing global challenges.
The MOU not only promotes bilateral trade but also helps farmers and businesses to expand global reach and pursue sustainable growth.
At the workshop, delegates held that due to problems across the entire value chain, Viet Nam needs an ecosystem that connects all relevant stakeholders to make the most of FTAs' advantages, improve competitiveness and accelerate public–private partnership.
The proposed FTA ecosystem model will function as a comprehensive network connecting parties involved in the value chain, from producers, processors, distributors, logistics operators, associations, financial institutions and Government agencies.
The model aims to create a culture of connectivity, information sharing and mutual support to enable enterprises to optimize FTA benefits.
The ecosystem is expected to generate significant economic impacts for Viet Nam, especially in expanding and diversifying export markets, attracting foreign investment, improving productivity and accelerating the shift toward a green and sustainable growth model.
The ecosystem would first reinforce Viet Nam's policy framework for FTA implementation by strengthening the Government's role in coordinating trade policy and managing resources to help enterprises make the most of tariff preferences.
To date, Viet Nam has signed 17 FTAs with more than 63 partners, including new-generation FTAs such as the EU–Viet Nam Free Trade Agreement (EVFTA), the UK–Viet Nam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)./.
