PM Phạm Minh Chính speaks at the event. VNA/VNS Photo

VIENTIANE Prime Minister Phạm Minh Chính has commended Australia’s Southeast Asia Economic Strategy to 2040, stressing that ASEAN’s development cannot be achieved without Australia’s active contributions, particularly from private businesses.

PM Chính was addressing a ceremony marking the first anniversary of Australia’s strategy held in Vientiane on October 11, on the sidelines of the 44th and 45th ASEAN Summits and related meetings.

He suggested Australia develop balanced trade and invest in infrastructure connectivity and logistics projects, and expand cooperation in both traditional and emerging fields such as the digital economy, green economy, and innovation.

The Vietnamese leader proposed that Australia broaden collaboration in education-training, labour, and youth partnerships to bring new breakthroughs in ASEAN-Australia economic ties in the coming years, in line with the ASEAN-Australia Comprehensive Strategic Partnership established in 2021.

In his speech, Australian PM Anthony Albanese highlighted Australia's significant strides in the region over the past year, including the dispatch of 220 business delegations to explore investment opportunities and the establishment of a 2 billion AUD investment support fund. This has resulted in a more than 1 billion AUD increase in foreign direct investment in Southeast Asia, bolstered by the opening of three new investment promotion centres in Hồ Chí Minh City, Jakarta, and Singapore.

Furthermore, Australia has awarded 130 scholarships to the region, launched a 22.5 million AUD support package for the Mekong sub-region, and extended visa duration for ASEAN businesses from three to five years. VNS