Minister of Industry and Trade of Vietnam Nguyen Hong Dien held a meeting with the Australian Minister of Trade and Tourism, Senator Hon Don Farrell on April 17, at Ministry of Industry and Trade headquarters.. Photo: Ministry of Industry and Trade

Vietnam and Australia share a commitment to net zero emissions by 2050, emphasizing the importance of a timely transition to clean energy and the need for cooperation to support climate and energy goals.

This is one of the contents discussed and agreed upon by the Minister of Industry and Trade of Vietnam Nguyen Hong Dien and the Australian Minister of Trade and Tourism, Senator Hon Don Farrell at a working session on April 17, at Ministry of Industry and Trade headquarters.

The working session aimed to discuss specific measures to deepen the bilateral economic and trade cooperation, effectively implement the Strategy to strengthen economic cooperation between Vietnam and Australia.

Minister Nguyen Hong Dien and Minister Don Farrell both agreed that, as an economic partner, the trade and investment relationship between Vietnam and Australia has never been as developed as it is today. Vietnam is currently the 12th largest trading partner and the 9th largest export market of Australia.

Notably, Australia is Vietnam's seventh largest trading partner. At the meeting, the two Ministers noted that businesses in this country have invested heavily in Vietnam and vice versa.

Minister Nguyen Hong Dien and Minister Don Farrell also expressed their delight at the increase in the number of Vietnamese enterprises established and operating in Australia.

The two sides also discussed the mutual benefits gained from the Strategy to strengthen economic cooperation between Vietnam and Australia. They reaffirmed that this Strategy will continue to be effectively implemented in trade, industry, agriculture, energy, digital economy and education.

Minister of Industry and Trade Nguyen Hong Dien (right) receives Australian Minister of Trade and Tourism, Senator Hon Don Farrell. Photo: Ministry of Industry and Trade

Minister Nguyen Hong Dien and Minister Don Farrel agreed to soon sign a Memorandum of Understanding to establish a ministerial dialogue on trade and co-chair the first dialogue session on a cooperation mechanism. It is an important initiative in the strategy to strengthen economic cooperation between Vietnam and Australia this year, reported VNA.

The two leaders also confirmed their commitment to devote efforts to the World Trade Organization (WTO). This aims to create a rules-based framework for global trade while building positive motivation towards the 13th World Trade Organization (WTO) Ministerial Conference (MC13) by 2024.

Both sides recognized the importance of free trade agreements to which both countries are members.

In particular, these include the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Indo-Pacific Economic Framework (IPEF) in supporting trade liberalization and economic growth.

Australia's participation in the process led by the Association of Southeast Asian Nations (ASEAN) was also recognized.

At the last part of the working session, Minister Nguyen Hong Dien and Minister Don Farrell emphasized that both countries are jointly addressing new opportunities and challenges such as the digital economy, supply chains, energy and climate.

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