Australian, Vietnamese premiers enhance ties
The heads of the Australian and Vietnamese governments on Thursday discussed ways of improving their countries’ already booming economic relationship as part of Canberra’s strategy to diversify trade away from China.
Vietnamese Prime Minister Pham Minh Chinh’s official state visit to the island continent came after he attended in the southeastern city of Melbourne the Association of Southeast Asian Nations (Asean)-Australian Special Summit this week, co-led by his Australian counterpart Anthony Albanese and Laotian premier Sonexay Siphandone.
Australia’s bilateral relationship with Vietnam has proved a success in its hedge against China’s economic moves. Canberra says Beijing’s official and unofficial trade barriers have cost Australian exporters up to AU$20 billion ($13 billion) a year since 2020, though those steps have been relaxed gradually since Albanese’s government came to power in 2022.
Albanese said trade between Australia and Vietnam had increased 75 percent in two years to AU$25.7 billion ($16.9 billion) in 2022, the most recent year for which data was available. Vietnam had become Australia’s 12th-largest trading partner.
“Prime Minister Chinh and I discussed our shared determination to grow our trade and investment links to support both our countries’ economic prosperity,” Albanese told reporters.
Both premiers agreed to elevate the bilateral relationship to a comprehensive strategic partnership, which Chinh said was the highest level of cooperation Vietnam enjoyed with any country.
The improved ties were the result of increasing political trust and diplomatic cooperation, he added.