Vietnam - Australia Joint Statement on the finalisation of the Australia - Vietnam Enhanced Economic Engagement Strategy

Media statement
03 Nov 2021
Prime Minister
  1. Viet Nam Prime Minister HE Pham Minh Chinh and Australian Prime Minister the Hon Scott Morrison MP, met for a productive discussion on 1 November 2021 at the UN climate conference in Glasgow (COP26).
  2. The meeting between Prime Ministers builds on a strong shared commitment to trade and investment, liberalisation and economic connectivity between Australia and Viet Nam reflected in the Plan of Action under our Strategic Partnership.
    The Prime Ministers were pleased to announce the finalisation of the Australia-Viet Nam Enhanced Economic Engagement Strategy, which will support their joint ambition of becoming top ten trade partners and doubling investment.
  3. The Strategy solidifies Viet Nam and Australia’s shared commitment to trade liberalisation and economic connectivity, and will help both countries take advantage of emerging market opportunities, including in energy and the green economy, and continue their economic recoveries from the COVID-19 pandemic.
  4. The Strategy reaffirms both countries’ commitment to strengthening the rules-based global trading system as the basis for open international trade and working together to address economic challenges and coercive economic practices.
  5. The Strategy highlights the enormous potential of the economic relationship, by identifying key sectors in which Viet Nam and Australia have particular strengths on which to build in order to further deepen the trade and investment relationship — education, skills and training; resources and energy; agriculture, forestry and fisheries; manufacturing; tourism; science, technology and innovation; digital economy; and other services.
  6. The accompanying Implementation Plan provides a roadmap for the Strategy and outlines a series of mutually beneficial, practical initiatives to deepen trade and investment links in these key sectors, over the initial period of 2021-2025.
  7. The Prime Ministers recognised that the business sector will be critical in supporting the Strategy’s aims and taking the economic relationship to the next level. Accordingly, Viet Nam and Australia have appointed Business Champions to support the Strategy by promoting trade and investment opportunities to business communities in their respective countries. The Business Champions will report annually to governments on industry’s views on progress of the Strategy’s implementation and further ideas for increasing two-way trade and investment. 
  8. The Prime Ministers noted the Strategy and Implementation Plan would be made publicly available online in the coming weeks, in both languages, and commended the Strategy to the government, business, investment and innovation communities of Viet Nam and Australia to work together to advance.