Addressing the event “Meet Australia” in Ho Chi Minh City on May 19, which was co-hosted by the Ministry of Foreign Affairs, the municipal People’s Committee, Becamex Group and the Australia–ASEAN Business Council (AABC), Cuong said Vietnam is entering a new development phase, targeting the status of a high-income developed country by 2045, with a growth model centred on people and businesses and driven by science and technology, innovation, digital transformation, and the private sector.

He described Australia as a trusted and key partner of Vietnam, as the two countries see strong momentum in relations across sectors, with two-way trade exceeding US$15 billion and moving towards a US$20-billion goal.

Cuong also pointed to Australia’s “Southeast Asia Economic Strategy to 2040” as opening up fresh opportunities to strengthen strategic connectivity with Vietnam in trade, investment, education, innovation and green transition.

He stressed the complementary nature of the two economies, saying that Australia’s strengths in finance, technology, education and modern governance and innovation align well with Vietnam’s dynamic economy, young workforce, stable socio-political environment and extensive network of 17 new-generation free trade agreements (FTA) linking it to more than 60 major economies.

The official proposed stepping up cooperation in digital technology, food processing, renewable energy, logistics, strategic minerals and industries supporting green transition, as well as education and training. He also called on Australian businesses to expand long-term investment in Vietnam, towards strategic partnerships in green transition and digital transformation, startup and innovation ecosystem development, research and development, and high-quality human resource training.

Cuong affirmed that the Vietnamese Ministry of Foreign Affairs will continue to prioritise economic and technology diplomacy, working alongside ministries, localities and businesses to strengthen partnerships, promote policy dialogue, address obstacles and make it easier for cooperation between the two countries.

Echoing this view, Vice Chairman of the municipal People’s Committee Nguyen Loc Ha said there remains ample room for bilateral cooperation, particularly in digital transformation, innovation, clean energy, logistics, education and skilled workforce development. He stressed the need to translate potential into concrete projects, and effective and sustainable cooperation mechanisms.

With its large market, dynamic business environment and strong regional connectivity, Ho Chi Minh City is well positioned to serve as a key hub linking Australia with the southern region and other localities of Vietnam, he said, pledging to continue improve the investment climate and provide greater support for businesses.

Ho Chi Minh City aims not merely to draw investment, but to collaborate with Australian partners in developing a long-term cooperation ecosystem that translates shared visions into tangible projects and benefits for both sides, Ha said.

For her part, Australian Ambassador to Vietnam Gillian Bird lauded Vietnam’s robust economic performance and reaffirmed that Australia views Vietnam one of its most dynamic and high-potential economic partners in the region.

She underlined Australia’s commitment to promoting practical economic cooperation through its "Southeast Asia Economic Strategy to 2040", alongside investment support mechanisms, business linkages, and innovation initiatives.

Australia is supporting Vietnam in energy transition, climate adaptation in the Mekong Delta, low-emission agriculture and economic resilience, she said, adding that education cooperation and people-to-people exchanges remain vital pillars of the bilateral relations.

The Australian side reaffirmed its desire to continue partnering with Vietnam in building a more prosperous, sustainable, and connected future in the new development phase, she stressed.

Representatives from Australian businesses spoke highly of cooperation potential with Vietnam, noting that the country’s renewal policies, institutional improvements, and investments in infrastructure and human resources are creating a stable and favourable business environment for long-term investment. They also expressed strong interest in expanding cooperation in the fields of green finance, clean energy, energy transition, climate-resilient green transformation, and high-quality human resource development.

Vietnam – Australia ties increasingly substantive: Consul General

Cooperative ties between Vietnam and Australian states, including New South Wales, Queensland and South Australia, have grown positively, substantively, and with greater depth in line with the bilateral Comprehensive Strategic Partnership, said Vietnamese Consul General in Sydney Nguyen Thanh Tung.