Minister of Industry and Trade Nguyễn Hồng Diên and Australian Senate President Sue Lines. Photo Courtesy of the Ministry of Industry and Trade

HÀ NỘI – Việt Nam and Australia will prioritise coordination in implementing the Comprehensive Strategic Partnership, including the newly established ministerial-level dialogue mechanisms on trade, energy and minerals to create a favourable environment for their businesses.

The consensus has been reached by Minister of Industry and Trade Nguyễn Hồng Diên and Australian Senate President Sue Lines during the latter's visit to Việt Nam - the first by a senior Australian leader since the two countries officially upgraded their bilateral relations to a Comprehensive Strategic Partnership.

During the meeting, Diên appreciated the visit, saying that it shows Australia’s special heed to trade, industry and energy collaboration with Việt Nam.

He said as one of the world's leading countries in reserves of resources and minerals such as metal ores, coal, liquefied natural gas as well as advanced technology in energy exploitation, use and transition, Australia is an important partner that provides Việt Nam with input materials for industrial energy sectors, and will be an active partner of Việt Nam in energy transition, towards the Net Zero target that Việt Nam committed at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26).

The minister asked the guest to promote the cooperation between relevant Australian agencies and his ministry in calling for investment in Việt Nam, training human resources for and sharing experience and technologies in renewable energy development with the country.

Diên also told Sue Lines about Việt Nam's mineral potential, including rare earths, bauxite, titanium and others, which are raw materials for developing important industries like electric vehicle manufacturing.

Việt Nam welcomes Australia's investment and cooperation in advanced and modern technology to optimise the exploitation and deep processing of key minerals and ensure environmental sustainability, Diên emphasised.

The two sides also agreed to promote close cooperation in the process of opening the market, create conditions for quality agricultural products from Việt Nam and Australia to reach each other's consumers. Currently, the two sides are completing the final procedures for Vietnamese passion fruit to enter Australia and Australian plum to enter Việt Nam. Grapefruit from Việt Nam and blueberry from Australia are on the list of products to be the next.

According to the ministry, in the first seven months of 2024, Việt Nam's import-export turnover with Australia reached US$8.2 billion, up 4.7 per cent year-on-year. Việt Nam's exports to Australia fetched $3.8 billion, up 32.1 per cent over the same period in 2023, while its import value hit $4.5 billion, down 10.9 per cent. Việt Nam's trade deficit with Australia was $709.6 million, down 67.3 per cent year-on-year. – VNS