Vietnam and Australia deepen bilateral cooperation

Nguyen Duc Hien, Deputy Head of the Central Committee for Policy and Strategy

The Vietnam-Australia Economic Forum 2025 was held in Hanoi on September 26. The event was co-organised by the University of Economics (Vietnam National University, Hanoi), the Australian Embassy in Vietnam, the Vietnamese Embassy in Australia, and the Australian Chamber of Commerce in Vietnam (AusCham).

Nguyen Duc Hien, Deputy Head of the Central Committee for Policy and Strategy, provided overview of the bilateral cooperation over the last 50 years of establishing diplomatic relations.

"Great opportunities for cooperation between Vietnam and Australia are opening up, particularly in trade, investment, education, and science and technology," said Hien, urging joint projects in research and development, stronger two-way trade, and wider collaboration in digital transformation, energy transition, and climate change response.

"Such cooperation will drive economic growth while addressing global challenges and fostering peace, stability, and shared prosperity," he said.

"Increasing numbers of scholarship programmes, research cooperation, and student exchange initiatives between our two countries are vivid demonstrations of mutual trust and long-term engagement, creating a solid foundation for sustainable economic and social cooperation," added Hien.

As of the beginning of the year, Australia ranks among the top countries investing directly in Vietnam, with 670 ventures worth $1.86 billion, and having provided about $2 billion in official development aid over the past 50 years.

Bilateral trade reached $14 billion last year. Australia is now Vietnam’s ninth-largest trading partners, while Vietnam ranks 10th among Australia’s largest partners.

In the first eight months of 2025, trade between Vietnam and Australia totalled $8.9 billion, with Vietnam exporting $6.5 billion worth of goods such as electricity, coffee, and seafood, while Australia’s main exports to Vietnam included coal and cotton.

Speaking at the forum, experts underlined the strong prospects for future cooperation between Vietnam and Australia. Nghiem Xuan Hoa, deputy ambassador of the Vietnamese Embassy in Australia, noted that the two countries officially elevated their ties to a Comprehensive Strategic Partnership in March last year.

"This milestone opens up opportunities for bilateral cooperation to further expand in key areas such as the green economy, renewable energy, digital transformation, and high-quality education," he said.

Dao Thanh Truong, vice president of Vietnam National University, Hanoi, noted that as the global economy shifts towards digital, green, and sustainable development models, both nations face new opportunities and challenges.

“Vietnam has a young workforce, competitive costs, and a strategic geographic location in Southeast Asia, while Australia possesses advanced technology, a high-quality education system, and strong governance in a developed economy,” he said. “This forms a solid foundation for building a deeper, more effective, and sustainable partnership, thereby enhancing the position of both countries in the region and on the global stage.”

Nguyen Manh Hiep, trade consul at the Vietnam Trade Office in Australia, said, "The outlook for cooperation between the two countries is very promising. To fully realise this potential, we need to step up information sharing in areas of mutual interest such as digital transformation and the green transition, while also simplifying business conditions to create a more favourable environment for enterprises from both nations."

Hien emphasised the importance of boosting the role of non-governmental organisations, the business community, academia, and the public in realising shared objectives.

"In the immediate term, our focus should be on developing and implementing concrete cooperation initiatives with clear objectives, practical actions, and measurable outcomes," he said. "This process requires flexibility, adaptability to global changes, and must be grounded in the principles of equality, mutual benefit, and mutual respect."

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