Vietnamese Minister of Industry and Trade Lê Mạnh Hùng (right) meets with Australian Minister for Trade and Tourism Don Farrell in Canberra on August 12. —  VNA/VNS Photo

CANBERRA —  Vietnamese Minister of Industry and Trade Lê Mạnh Hùng and Australian Minister for Trade and Tourism Don Farrell discussed measures to boost trade and investment ties between the two countries during a meeting in Canberra on August 12.

The meeting was held as Hùng accompanied General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President Tô Lâm during his state visit to Australia.

The two ministers spoke highly of the Việt Nam-Australia Comprehensive Strategic Partnership upgraded in 2024, and the effective operation of the Trade Ministers’ Dialogue mechanism, which, they said provides a solid foundation for more substantive and comprehensive economic and trade cooperation.

Statistics showed that two-way trade hit US$8.2 billion in the first half of 2026, up 22 per cent year-on-year, with Việt Nam’s exports to Australia rising 25.1 per cent to $3.8 billion.

The two sides agreed to continue working towards raising bilateral trade to $20 billion, capitalising on the complementary nature of their economies and existing cooperation frameworks, including the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).

The ministers discussed ways to further expand trade and investment cooperation, with a focus on accelerating market access for agricultural and food products that remain subject to restrictions.

The two sides highlighted opportunities to encourage Australian businesses’ investment in Việt Nam in deep processing, high technology, strategic minerals, renewable energy and supporting industries, while promoting business linkages in textiles and footwear, food processing and electronic components.

They also exchanged views on cooperation opportunities arising from Australia’s housing development programme, which could open up chances for Vietnamese businesses to supply construction materials and interior equipment.

They agreed to strengthen coordination in multilateral cooperation mechanisms and effectively implement free trade agreements to deliver practical benefits to the business communities of both countries.

Held in a friendly, cooperative, and trusting atmosphere, the meeting is expected to contribute to further fostering the Việt Nam–Australia Comprehensive Strategic Partnership, and creating fresh momentum for bilateral economic and trade cooperation. — VNA/VNS