Vietnam and Australia vow to soon realize US$20 billion trade target

VOV.VN - Vietnam and Australia will enhance comprehensive cooperation, aiming to increase bilateral trade to US$20 billion in the near future.

The agreement was reached during a reception hosted by Prime Minister Pham Minh Chinh for Australian Foreign Minister Penny Wong, in Hanoi on August 20.

They noted that the Comprehensive Strategic Partnership between the two countries has developed strongly and effectively across most sectors. Both sides have been implementing projects and activities under the Action Programme on schedule. Bilateral trade in 2024 reached over US$14 billion, with efforts to open markets for their agricultural products, including Vietnamese passion fruit and Australian plums. Australian FDI has exceeded US$3 billion, and its ODA for Vietnam has amounted to AUD96.6 million.

PM Chinh proposed that both sides further enhance and expand defence and security cooperation, particularly in cybersecurity, digital transformation, and the provision of equipment to strengthen Vietnam’s capabilities.

He also shared Vietnam’s vision and strategy for science and technology development, innovation, and digital transformation, expressing the hope that the two countries would achieve breakthroughs in cooperation in these areas, especially in human resource training and the development of biomedical technology.

Minister Wong, for her part, expressed her honour to visit Vietnam at a time when the country is preparing to celebrate the 80th anniversary of its founding. She said that this is an important moment for the two countries to reflect on their history and shape future cooperation.

The diplomat affirmed that the Australian Government highly values Vietnam’s role in the region as well as the Vietnam–Australia relationship, and expressed a desire to discuss measures to further deepen bilateral ties.

According to the Minister, the two countries share many common views and visions on bilateral, regional, and international issues, providing a solid foundation to further enhance cooperation and mutual support.

Acknowledging the Prime Minister’s views on Vietnam–Australia relations, Wong affirmed that she would strive to promote the Comprehensive Strategic Partnership between the two countries. This includes deepening defence and security cooperation, and expanding collaboration in science and technology, digital transformation and innovation, education and training, and human resource development through ODA projects and investment funds.

The Minister also committed to strengthening coordination between the two countries, contributing to peace, stability, cooperation, and respect for international law in the region, while emphasising the importance of maintaining peace, stability, safety, and freedom of navigation and aviation, in full compliance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Earlier, Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son and Australian Foreign Minister Penny Wong co-chaired the 7th Vietnam – Australia Foreign Ministers’ Meeting (FMM-7), agreeing to strengthen cooperation, particularly in research and development of new technologies.

Australia to help Vietnam develop new technologies.jpg

Australia to help Vietnam develop new technologies

VOV.VN - Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son and Australian Foreign Minister Penny Wong co-chaired the 7th Vietnam – Australia Foreign Ministers’ Meeting (FMM-7), agreeing to strengthen cooperation, particularly in research and development of new technologies.

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