HCMC – Vietnam and Australia will intensify efforts to boost bilateral economic cooperation, with the goal of reaching US$20 billion in trade in the years ahead.
During talks with State President Luong Cuong on September 10, Australian Governor-General Sam Mostyn affirmed that Australia has always been a reliable and sustainable partner of Vietnam.
She said Australia supports Vietnam’s reform efforts to achieve the goal of becoming a high-income nation by 2045.
The two leaders agreed that the elevation of bilateral ties to a comprehensive strategic partnership in March 2024 was a historic milestone, demonstrating their strategic trust and strong commitment to further advancing relations in the new era.
Government agencies of both countries are implementing the action program for the comprehensive strategic partnership for the 2024-2027 period on schedule, particularly through regular consultation and dialogue mechanisms.
Australian businesses have been given favorable conditions to expand their investment and operations in Vietnam, while Vietnam has actively served as a bridge for Australia to strengthen its engagement with Southeast Asia.
The two sides will maintain the momentum of high-level exchanges and visits at all levels. The leaders emphasized that defense and security cooperation remains a key pillar of the bilateral partnership.
They agreed to intensify measures to strengthen bilateral economic cooperation, aiming to raise trade to US$20 billion in the coming years, while enhancing market access for each other’s key products.
Vietnam expressed its expectation of stronger investment flows from Australian businesses, building on Australia’s regional economic connectivity initiatives, including the Southeast Asia Economic Strategy to 2040.
The two sides also agreed to encourage research institutions and scientists from both countries to collaborate on joint projects, particularly in strategic technologies such as artificial intelligence, new materials, and biomedical technology.
The leaders further agreed to continue close coordination at international and regional forums, especially within the United Nations and ASEAN-led mechanisms.
