Vietnam and Australia to enhance engagement under comprehensive strategic partnership

According to the joint statement on the elevation of a comprehensive strategic partnership between Vietnam and Australia released on March 7, Vietnam and Australia commit to further deepening the bilateral trade and investment relationship, enhancing economic cooperation and pursuing more open trade and investment through global and regional economic integration.

Vietnam and Australia acknowledge the need to build supply chain resilience and pursue trade diversification to promote economic resilience.

Both countries also reaffirm commitment to the full and effective implementation of the Viet Nam-Australia Enhanced Economic Engagement Strategy and additional actions to implement Invested: Australia’s Southeast Asia Economic Strategy to 2040.

Vietnam and Australia also recognise the importance of high-quality investment to support shared prosperity, skills and innovation, green growth, productivity, people-to-people links, women’s economic empowerment and inclusive economic growth for all people in their diversity.

The two sides will promote market access and trade facilitation measures for both countries, including in agriculture, fisheries and forestry. They confirm their commitment to enhanced labour mobility, including through access for Vietnamese citizens to work in Australia and Australian citizens to work in Vietnam.

Efforts will be made to promote a transparent business and regulatory environment, including to support investment and sustainable financing through capital markets and other mechanisms.

"We continue to cooperate closely to advance a strong rules-based, non-discriminatory, fair, inclusive, equitable and transparent multilateral trading system as the basis for open international trade based on market principles, with the World Trade Organization (WTO) at its core. We reaffirm our commitment to strengthening and reforming the WTO, including the dispute settlement system," the joint statement added.

To improve economic engagement, Vietnam and Australia have reaffirmed commitment to fully implementing the agreements of which both countries are members, such as the ASEAN Australia New Zealand Free Trade Area, the Regional Comprehensive Economic Partnership agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Both countries will work together through other international mechanisms such as ASEAN-related mechanisms, Asia-Europe Meeting, the WTO, the Asia-Pacific Economic Cooperation, the Organisation for Economic Co-operation and Development and the Indo-Pacific Economic Framework for Prosperity, to create a more stable, predictable, inclusive and transparent trade and investment environment and generate business confidence in two countries' strong economic relations, while addressing new and emerging trade challenges.

The two sides recognise the vital role of international standards and best practice regulatory approaches to facilitate trade, drive innovation, enhance resilience and tackle global economic, social and environmental challenges. We affirm our shared commitment to promoting the mutual understanding and uptake of international standards.

Commitments are also made to further strengthening the agricultural partnership between Vietnam and Australia by enhancing trade and investment, co-operating on shared regional challenges and promoting technical, research collaboration and capacity development initiatives that support more competitive, resilient and sustainable agriculture, fisheries and forestry sectors.

Furthermore, the joint statement highlighted Australia's long-standing official development assistance to Vietnam. Moving forward, Australia will continue to support Vietnam’s development efforts through bilateral, sub-regional and regional initiatives focused on areas that are consistent with Vietnam’s socioeconomic development.

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