Vietnam and Australia have pledged to expand trade and economic cooperation, according to a joint statement released on November 19 following talks between Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and Australia’s Minister for Trade and Tourism Don Farrell.

During their second dialogue, the ministers outlined plans to boost two-way trade, strengthen supply chains and open more opportunities for businesses, building on progress under the Vietnam–Australia Comprehensive Strategic Partnership.

Vietnam’s Minister of Industry and Trade Nguyen Hong Dien (left) and Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell at the second dialogue in Melbourne. Photos: Ministry of Industry and Trade

They reviewed ways to strengthen collaboration in priority sectors such as agriculture, education, tourism and trade promotion, while exploring opportunities to support businesses from both countries in expanding their commercial presence in each other’s markets.

Both sides welcomed progress in market access for goods, including Vietnam’s pomelos and Australia’s blueberries and agreed to continue advancing access for additional agricultural products.

The ministers also discussed priority initiatives under the Comprehensive Strategic Partnership designed to boost trade and investment in sectors important to future industries.

They stressed the need for joint efforts to ensure sustainable mineral supply chains, support climate and energy transition goals and unlock greater investment cooperation in clean energy and critical minerals.

They noted the growing importance of digital trade rules and expressed a shared desire to strengthen cooperation on digital transformation and the digital economy.

Reaffirming strong support for a rules-based multilateral trading system led by the World Trade Organization (WTO), the ministers agreed to continue building momentum for ambitious WTO reform ahead of the 14th WTO Ministerial Conference in 2026 and future meetings.

They also reaffirmed support for enforceable trade rules, reflected in Vietnam’s recent decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA).

The ministers highlighted the important role of free trade agreements, including the Regional Comprehensive Economic Partnership (RCEP), the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in promoting trade liberalization and inclusive economic growth. They reaffirmed their commitment to maximizing the benefits of these agreements for businesses.

Minister Farrell welcomed Vietnam’s assumption of the CPTPP Chairmanship from Australia in 2026.

Both sides described CPTPP as a high-quality agreement and emphasized the need for a meaningful joint review and sustained efforts to expand its membership.

They agreed to build on Australia’s achievements during its chairmanship to strengthen and broaden the agreement, recognizing its importance to the shared prosperity of both nations.

Australia also welcomed Vietnam’s upcoming role as APEC host in 2027 and affirmed close coordination to support the forum’s success.

Both ministers reaffirmed the long-standing economic partnership between Vietnam and Australia, grounded in complementary economies, strong people-to-people ties and a shared commitment to a rules-based global trading system.

Bilateral trade continues to grow quickly. Vietnam is Australia’s 10th-largest goods trading partner and 14th for goods and services, while Australia stands as Vietnam’s 10th-largest goods trading partner (2024 data).

They noted positive outcomes from practical initiatives under the Vietnam Enhanced Economic Engagement Strategy, Australia’s Southeast Asia Economic Strategy to 2040 and the Trade Ministers’ Dialogue framework, which have fostered a more enabling business environment and strengthened networks that support trade and investment growth.

Businesses explore two-way investment

On the same day, the Vietnam–Australia Business Forum in Melbourne brought together associations and companies from both countries to showcase trade-promotion activities and explore two-way investment opportunities.

Speakers highlighted strong potential for deeper commercial ties and practical cooperation.

Delegates attend the Vietnam–Australia Business Forum.

Tran Ba Phuc, Chairman of the Vietnamese Business Association in Australia, said the Comprehensive Strategic Partnership and strong government trust make a US$20 billion bilateral trade target achievable.

He welcomed Vietnam’s Resolution 68, which he said strengthens the diaspora’s role as a bridge for trade and investment and encourages overseas entrepreneurs to reinvest.

He noted that young Vietnamese business leaders in Australia have become increasingly influential.

Do Gia Thang, Head of the Melbourne Young Entrepreneurs Club, pointed to rapid growth in trade and investment but stressed that flows remain modest, with about $2 billion in Australian investment into Vietnam over the past five years.

He called for better information exchange and the use of regulatory sandboxes to pilot new technologies.

Companies such as KQ Trading and Australia Blockchain highlighted their success in exporting OCOP products and using AI and blockchain for traceability, reputation building and expanded Vietnam–Australia trade.

Forum participants called for stronger regulatory support from both governments to expand bilateral commerce, embrace innovation and protect product quality.

Nguyen Hong Dien, Minister of Industry and Trade, said overseas Vietnamese entrepreneurs remain united, patriotic and equipped with capital, technology and expertise.

With more than 370,000 Vietnamese in Australia, including thousands of business leaders, the community has become a vital bridge for national development and bilateral cooperation, he said.

The minister urged Vietnam’s diplomatic missions to strengthen engagement and gather policy feedback, while encouraging entrepreneurs to advise the Government on digital economy, green transition and innovation.

Dien called for continued pioneering investment in high-tech, clean energy and digital agriculture, along with stronger technology transfer in new materials, precision engineering, semiconductors, AI and digital technologies.