Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng (right side) and Australian Minister for Trade and Tourism Don Farrell co-chair the fourth Australia-Việt Nam Economic Partnership Meeting in Adelaide City on Thursday. — VNA/VNS Photo

SYDNEY — The fourth Australia-Việt Nam Economic Partnership Meeting took place in Adelaide City on Thursday.

It was co-chaired by Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng and Australian Minister for Trade and Tourism Don Farrell.

The meeting took place in the context that the two countries upgraded their relationship to a Comprehensive strategic partnership during Prime Minister Phạm Minh Chính's official visit to Australia in March.

Speaking at the event, Dũng said that with the upgrade of the relationship, Việt Nam and Australia have become key economic partners of each other in various fields, including trade, investment, development cooperation, agriculture, education and training.

Farrell noted that bilateral trade is booming, creating more opportunities for exporters, businesses, and workers of both countries. Over the past three years, two-way trade reached a record high of A$26 billion (US$17.4 billion), and Việt Nam become one of the fastest growing sources of international visitors to Australia after the COVID-19 pandemic.

Australia's Southeast Asia Economic Strategy is supporting its businesses in seizing new opportunities in the region, with Việt Nam defined as one of the countries offering significant potential for Australian exporters, he stressed.

Regarding official development assistance (ODA), Australia is one of the largest providers of ODA for Việt Nam. According to the Australian Embassy in Việt Nam, in the 2023-24 period, Australia has allocated A$95 million in ODA to Việt Nam, mainly in areas such as economic growth, skilled workforce development, energy and climate, and gender equality.

As for foreign direct investment (FDI), as of August 2024, Australian investors had run 660 valid projects with total registered capital of $2.05 billion, making it rank 21st out of 149 countries and territories pouring capital into Việt Nam.

Two-way trade reached $10.8 billion in the first nine months of this year, up 5.6 per cent annually.

At the meeting, the two sides discussed measures to strongly promote bilateral economic relations and open new directions. They also assessed the implementation of the Enhanced Economic Engagement Strategy (EEES) and the results of the meetings of the Working Groups on ODA, FDI, and trade.

The two sides also deliberated discussed cooperation at multilateral and regional forums and mechanisms, such as the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation (APEC), the World Trade Organisation (WTO), the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), as well as the Indo-Pacific Economic Framework for Prosperity (IPEF).

They also agreed that the fifth meeting will be held in Việt Nam to review the implementation progress of the EEES, as well as agreements reached in the fourth sitting, and propose new initiatives and cooperation agreements. — VNA/VNS