Vietnamese Minister of Industry and Trade, Nguyen Hong Dien, and Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell at the meeting on April 17.
The meeting was held in Hanoi on Monday during the Australian official's visit to Vietnam as the two countries celebrated the 50th anniversary of diplomatic relations.
During the meeting, the two ministers acknowledged that during this 50th year of diplomatic relations, and as economic partners, the trade and investment ties between Australia and Vietnam have never been stronger; the complementarity of our economies is clear. In recent years, trade between our two countries has increased considerably and Vietnam is now Australia’s 12th largest two-way trading partner and 9th largest goods export market. Australia is Vietnam’s 7th largest two-way trading partner.
The ministers also noted the significant opportunities to build on the investments and strong contributions that Australian firms have made to Vietnam and the increasing number of Vietnamese firms establishing operations in Australia.
They discussed the shared benefits gained from the Australia – Vietnam Enhanced Economic Engagement Strategy particularly in areas such as trade, industry, education, agriculture, clean energy, and digital economy and reaffirmed their commitment to its continued implementation. Both Minister Dien and Minister Farrell look forward to signing 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.
The two officials affirmed their commitment to investing in the WTO which provides the rules-based framework for global trade. They agreed to continue building positive momentum in the lead up to the 13th Ministerial Conference in 2024.
They also acknowledged 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 liberalisation and inclusive economic growth.
The ministers highlighted that both countries were working together on new opportunities and challenges, such as tourism, agriculture, digital economy, supply chains, clean energy transition and climate. They acknowledged the shared commitment to net zero emissions by 2050 and highlighted the importance of a timely transition to clean energy and emphasised the need to work together in support of each country’s climate and energy transition goals.
