Third Australia-Vietnam Economic Partnership Meeting

Joint communiqué between Senator the Hon Don Farrell, Australia’s Minister for Trade and Tourism, and His Excellency Dr Nguyen Chi Dung, Vietnamese Minister of Planning and Investment.

1. Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell, and the Vietnamese Minister of Planning and Investment, His Excellency Mr Nguyen Chi Dung, co-chaired the third Australia-Vietnam Economic Partnership Meeting on 17 April 2023, hosted by Vietnam in Hanoi, where they reiterated their mutual commitment to a strong and ambitious bilateral economic relationship.
2. The Ministers observed that during this 50th year of diplomatic relations the bonds between Australia and Vietnam had never been stronger. This is reflected through the recent announcement of the intention to elevate the bilateral relationship to a Comprehensive Strategic Partnership (CSP).
3. The Ministers reaffirmed the strategic importance of the Economic Partnership Meeting in the bilateral economic architecture, providing a valuable opportunity to work together to pursue trade, investment, the clean energy transition, and development opportunities for both our countries.
4. The Ministers acknowledged the many benefits achieved from the implementation of the Australia – Vietnam Enhanced Economic Engagement Strategy and noted the contribution of this work to further Australia and Vietnam’s trade and investment relationship in key sectors such as agriculture, clean energy, tourism, education, and the digital economy.
5. Both Ministers reflected on potential opportunities to further improve economic relations between both countries, particularly in the area of investment. The Ministers also discussed the significant, and longstanding, contribution of Australia’s development program in Vietnam.
6. The Ministers thanked the Australia and Vietnam Business Champions for their comprehensive and detailed efforts to promote two-way trade and investment links. The Business Champions provided Ministers with an overview of their work program of business consultations, findings and recommendations. Their final report was tabled at the Economic Partnership Meeting for Ministers’ consideration.
7. Both Ministers also discussed regional and multilateral trade issues, including the immense opportunities presented by both countries’ commitment to achieve net zero emissions by 2050. They also reiterated their commitment to ASEAN centrality and a region which is peaceful, prosperous, stable and in which sovereignty is respected.
8. Both countries looked forward to the 2024 Economic Partnership Meeting, to be hosted by Australia.