Vietnam, Australia announce enhanced economic engagement strategy
Vietnam and Australia will accelerate trade and investment levels from 2021-2025, through a new economic strategy bringing their burgeoning commercial ties into sharp focus.
PM Pham Minh Chinh (L) meets with his Australian counterpart Scott Morrison on the sidelines of COP26. (Photo: VNA)
Sydney (VNA) - Vietnam and Australia will accelerate trade and investment levels from 2021-2025, through a new economic strategy bringing their burgeoning commercial ties into sharp focus.
According to a media release issued on November 3, Australian Prime Minister Scott Morrison announced that he and his Vietnamese counterpart Pham Minh Chinh had a discussion on the sidelines of the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, Scotland, the UK.
They announced the Australia-Vietnam Enhanced Economic Engagement Strategy, which supports Australia and Vietnam’s shared goal to double investment and become top ten trade partners.
The strategy will help both countries take advantage of emerging market opportunities, including in agriculture, energy, services and the digital economy, as the two economies recover from the impacts of the COVID-19 pandemic.
The development of the strategy represents close collaboration and considerable work by both countries, including economic analysis, cross government consultation and recommendations put forward by business stakeholders.
It highlights key sectors in which Vietnam and Australia are uniquely matched to deepen trade - education, skills and training; resources and energy; agriculture, forestry and fisheries; manufacturing; tourism; science, technology and innovation; digital economy; and other services.
An Implementation Plan for the Strategy has been agreed by both governments, providing a roadmap for practical initiatives to deepen trade and investment links in key sectors, over an initial period of 2021-2025./.
Prime Minister Pham Minh Chinh on October 6 sent a thank-you letter to his Australian counterpart Scott Morrison for Australia’s donations of COVID-19 vaccine and medical equipment to Vietnam’s fight against the COVID-19 pandemic.
Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade, Investment and Tourism Dan Tehan shared the hope that the Australia-Vietnam Enhanced Economic Engagement Strategy in 2021-2025 will be launched this year.
The Australian Government has approved a grant of 5 million AUD to help Vietnam enhance competitiveness, reduce carbon footprint, and improve lives and livelihoods, according to the World Bank.
Prime Minister Pham Minh Chinh hosted a reception for Australian Ambassador to Vietnam Robyn Mudie on October 15, during which he spoke highly of the bilateral cooperation.
A Vietnam-Australia Artificial Intelligence (AI) Forum was held on October 27, offering a venue for experts to share experience and initiatives to develop AI technologies in Vietnam.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
PM Pham Minh Chinh (L) meets with his Australian counterpart Scott Morrison on the sidelines of COP26. (Photo: VNA) 
