Australia Upgrades Relationship with Vietnam to a Comprehensive Strategic Partnership
Australian Prime Minister Anthony Albanese announced on March 7 that the country is elevating its ties with Vietnam to the level of a comprehensive strategic partnership, which will also include an annual dialogue on minerals. This move comes amidst efforts to diversify supply chains away from China. Australia also has a comprehensive strategic partnership with the ASEAN bloc, of which Vietnam is a part. At a news conference in Canberra, Albanese noted that elevating their bilateral ties would place Australia and Vietnam among each other’s significant partners. It will also enhance trade and investment connections between the two countries.In September last year, in a meeting with Vietnam’s Prime Minister Pham Minh Chính on the sidelines of the 43rd ASEAN Summit in Jakarta, Albanese had suggested making progress on this change in the bilateral relationship.
Unveiling Opportunities in ASEAN for Australian Investors: Key Sectors, FTAs, Country-wise Breakdown, and 2024 Prospects
Tuesday, April 2, 2024 | 3:00 PM AEDT / 2:00 PM AEST / 11:00 AM Vietnam
In this webinar, , Head of the Australian Desk, and Senior Manager at , will explore the investment potential and economic benefits for Australian businesses & investors in ASEAN. The webinar will give insights on Australia’s Southeast Asia Economic Strategy to 2040, trade and investment trends, and foreign investment opportunities in ASEAN. Topics that will be addressed during this webinar:- ASEAN-Australia economic partnerships and strategic initiatives to facilitate investment.
- Overview of bilateral and regional FTAs and their benefits
- Key sectors included in the Southeast Asia Economic Strategy to 2040.
- Country-wise analysis of Vietnam, Indonesia, and Singapore, highlighting foreign investment opportunities in these key markets
Areas of cooperation
A joint by the two nations highlighted that the comprehensive strategic partnership between and Australia will foster broader cooperation across various domains, such as the climate, environment, energy, defense and security, and education sectors, besides economic engagement.The advancement in bilateral ties with Australia is the latest achievement for Vietnam’s “bamboo diplomacy,” reports Reuters. It follows Vietnam’s successful enhancement of relations with major global powers last year, as the country navigates increasing global tensions and does business with polarized markets.
Mutual political trust between the two countries [Vietnam and Australia] has been elevated, reaching the highest-ever level. – OfficialVietnam News Agency
Vietnam – Australia bilateral engagement
Last year, Australia and Vietnam celebrated 50 years of diplomatic relations. In August 2019, the governments of Vietnam and Australia established the Enhanced Economic Engagement Strategy (EEES), spanning from 2020 to 2023. This strategy aimed to elevate Vietnam and Australia into each other’s “top ten trade partners” and to “double two-way investment”.For more information on the opportunities for Australian companies in Vietnam’s green transition, read our article here: Australia-Vietnam Collaboration on Sustainable Development
Our Australia and New Zealand Desk can support Australian businesses with their Vietnam market entry planning and strategic management of their investments, from corporate establishment to tax and accounting, and payroll compliance. To know more, feel free to contact our experts here: vietnam@dezshira.com
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