Deepening Vietnam-Australia Comprehensive Strategic Partnership

The official visit of President of the Australian Senate Sue Lines to Vietnam has created new opportunities to deepen the Comprehensive Strategic Partnership and advance the goal of achieving US$20 billion in trade turnover between the two countries.

National Assembly Chairman Tran Thanh Man (R) welcomes President of the Australian Senate Sue Lines,  Hanoi, August 25

During the official visit to Vietnam from August 24 to 30 2024, Australian Senate President Sue Lines had important meetings with many senior leaders of Vietnam. This visit not only marked an important step forward in consolidating and deepening the Comprehensive Strategic Partnership between the two countries but also created a premise for stronger development in economic, trade and investment cooperation.

During the talks with National Assembly Chairman Tran Thanh Man, the two leaders reaffirmed their commitment to promoting economic and trade cooperation between the two countries. NA Chairman Tran Thanh Man emphasized that upgrading the relationship to a Comprehensive Strategic Partnership in March 2024 was not only symbolic but also created a solid foundation for both sides to maximize their cooperation potential. Aiming to achieve a bilateral trade turnover of US$20 billion presents both a challenge and an opportunity. It provides a platform to advance joint economic initiatives and projects.

To achieve this goal, the two sides discussed specific measures, including promoting cooperation in areas where both countries have advantages. Specifically, Vietnam wants Australia to accelerate the process of opening its market for agricultural, aquatic, and processed products from Vietnam, while Australia can take advantage of the rapid development of the Vietnamese market to promote exports of high-tech products, education, and financial services.

During her meeting with Prime Minister Pham Minh Chinh, Australian Senate President Sue Lines, expressed Australia's special interest in promoting economic, trade and investment cooperation projects in Vietnam. Prime Minister Pham Minh Chinh emphasized that Vietnam highly appreciated Australia's support in opening its market for Vietnamese agricultural and aquatic products, and encouraged Australian businesses to increase investment in priority areas of Vietnam, such as high technology, renewable energy and infrastructure development.

Renewable energy is an area of great potential for cooperation as Vietnam is facing an increasing demand for clean energy. Australia, with its experience and advanced technology, can support Vietnam in developing wind, solar and energy storage projects. This will not only help Vietnam achieve its sustainable development goals but also create attractive business opportunities for Australian businesses.

In addition, Vietnam is undergoing a period of strong digital transformation, and this is an area where Australia can play an important role. Australian technology companies can participate in projects to develop digital infrastructure, apply information technology in economic management and administration, as well as provide digital solutions for small and medium-sized enterprises in Vietnam. This cooperation will not only contribute to promoting the development of Vietnam's digital economy but also expand opportunities for Australian companies to access the Asian market.

One of the key highlights of the meeting was the commitment from both sides to enhance delegation exchanges and high-level contacts. This effort aims to strengthen strategic trust and advance existing bilateral cooperation mechanisms. The two sides also agreed to continue to implement new areas of potential cooperation such as green economy, digital economy and sustainable energy transition.

In addition, education and training remain an important pillar in the bilateral relationship. Australian Senate President Sue Lines affirmed that Australia will continue to facilitate the Vietnamese community in Australia and support human resource training cooperation programs, especially in the fields of education and scientific research. There are currently more than 32,700 Vietnamese students studying in Australia, and this number is expected to increase in the coming time. Strengthening cooperation in this field will not only improve the quality of Vietnam's human resources but also help create close links between the two countries in other fields such as economics and technology.

By Giang Tu, Vietnam Business Forum