Vietnam, Australia target $20bn trade, double investment

After an official welcome ceremony at the Presidential Palace, President Cuong held talks with Governor-General Mostyn, who expressed her pleasure at making her first state visit to Vietnam as Australia’s 28th Governor-General.

She affirmed that Australia has remained a reliable and sustainable partner of Vietnam, supporting the country’s reform efforts and its goal of becoming a high-income economy by 2045.

Both sides hailed the elevation of bilateral ties to a comprehensive strategic partnership in March 2024 as a historic milestone, reflecting mutual trust and determination to advance relations into a new phase.

The two leaders pledged stronger measures to deepen economic cooperation and expand market access for each other’s key products, with the goal of raising two-way trade to $20 billion in the near future.

Australia is currently Vietnam’s seventh-largest trading partner, while Vietnam ranks as Australia’s tenth-largest.

Bilateral trade reached $14.1 billion in 2024, up 2.3 percent from 2023, and stood at $7.9 billion in the first seven months of 2025.

They also agreed to work toward doubling bilateral investment, with Vietnam expecting greater capital inflows from Australian businesses through initiatives linking Australia with Southeast Asia, including Canberra's Southeast Asia Economic Strategy to 2040.

They noted that ministries and agencies are effectively carrying out the action program for the 2024–27 comprehensive strategic partnership, particularly through regular consultations and dialogue mechanisms.

The two leaders underscored defense and security cooperation as a key pillar of the partnership.

Governor-General Mostyn said Australia will continue training Vietnamese officers, supporting the Southeast Asian country's participation in United Nations (UN) peacekeeping operations, and assisting with the transport of field hospitals to Vietnam’s mission in South Sudan.

President Cuong proposed that Australia expand support for training high-ranking officials at both central and local levels, as well as teachers and lecturers, while promoting academic exchange programs and strengthening cooperation among leading research institutes and universities in both countries.

The two sides also encouraged joint research projects, especially in strategic technologies such as artificial intelligence, new materials, and biomedical science.

The leaders affirmed their commitment to closer coordination at international and regional forums, particularly the UN and ASEAN-led mechanisms.

Australia reiterated its support for Vietnam and ASEAN’s principled stance on ensuring security, safety, and freedom of navigation and overflight in the East Vietnam Sea, as well as on resolving disputes by peaceful means in accordance with international law, especially the 1982 UN Convention on the Law of the Sea (UNCLOS).