HCMC – Vietnam and Australia should weigh signing a bilateral trade and investment agreement to boost two-way trade to US$20 billion, reported the Vietnam News Agency.

Vietnamese Prime Minister Pham Minh Chinh proposed the idea during a phone conversation with Australian Prime Minister Anthony Albanese on May 6. Chinh congratulated Albanese on securing a second term in office, saying the election result reflected public trust in his leadership. He urged Australia to continue prioritizing Southeast Asia, including Vietnam. The two leaders discussed strengthening cooperation in trade, official development assistance, climate change, and energy transition. Chinh expressed support for Australia’s Southeast Asia Economic Strategy and said it could help deepen economic ties. He said Vietnam was ready to engage in talks for a bilateral agreement aimed at reaching the US$20 billion trade target. He also suggested Australia support the Vietnamese community living in the country. Albanese welcomed the proposal and said he wanted to advance the countries’ Comprehensive Strategic Partnership. He praised Vietnam’s economic development and said both countries should support a free and open multilateral trading system. Albanese said Australian leaders were interested in visiting Vietnam and agreed to maintain regular high-level exchanges between the two governments.