Strengthening trade and investment cooperation between Vietnam and China

Warmly welcoming the visit of Prime Minister Anthony Albanese and the delegation, National Assembly Chairman Vuong Dinh Hue assessed the visit as having important significance; it was carried out on the occasion of the two countries celebrating the 50th anniversary of establishing diplomatic relations (1973 - 2023), following the visit of Australian Governor-General David Hurley last April.

Prime Minister Anthony Albanese was pleased to meet again and thanked National Assembly Chairman Vuong Dinh Hue for his warm welcome; announced a successful meeting with Prime Minister Pham Minh Chinh. The two sides agreed to increase delegation exchanges and high-level contacts, through the Party, National Assembly and Government channels, and people-to-people exchanges; effectively implement the Plan to implement the Enhanced Economic Engagement Strategy (EEES) between the two countries for the 2021-2025 period...

Strengthening trade and investment cooperation between Vietnam and Australia, image 1 — National Assembly Chairman Vuong Dinh Hue and Australian Prime Minister Anthony Albanese.

Emphasizing that along with high-level visits and all-level visits between the two countries, the Prime Minister said that Australia attaches importance to the Australia-ASEAN Comprehensive Strategic Partnership and always supports ASEAN's central role; at the same time, he believed that the relationship between the two countries will develop even more strongly when the bilateral trade turnover in 2022 increased by 30% compared to 2021, which reflects the dynamism of economic cooperation between the two countries. The Prime Minister also highly appreciated the increasingly close relationship between the two countries, demonstrated by the results of cooperation in many fields in recent years.

At the meeting, expressing their delight at the 50th anniversary of the establishment of diplomatic relations between the two countries, with the building of strategic trust and close cooperation in many fields over the past time, the two leaders expressed their belief that, with the efforts of the two countries, upgrading relations to a new level in the future will soon be realized.

Emphasizing that the COVID-19 pandemic has exposed supply chain issues, Prime Minister Anthony Albanese highlighted the importance and necessity of self-reliance; at the same time, Australia announced a 105 million Australian dollar support package for Vietnam for cooperation on infrastructure, climate change response and energy transition. RMIT University announced the next phase in its commitment to invest in education, research and cooperation in Vietnam, including a 250 million Australian dollar strategic investment fund... Emphasizing that Vietnam is the country with the 5th largest number of international students in Australia and Australia is the 2nd destination for Vietnamese international students, Prime Minister Anthony Albanese said that RMIT University is a typical example of educational and training cooperation between the two countries; expressing confidence that educational and training cooperation will develop even more strongly in the future.

Strengthening trade and investment cooperation between Vietnam and Australia, image 2 — Overview of the meeting.

National Assembly Chairman Vuong Dinh Hue agreed with the Australian Prime Minister's opinion that the two countries still have a lot of room to strengthen cooperation. The National Assembly Chairman suggested that, in addition to maintaining existing supply chains, the two countries should create new supply chains to diversify each other's markets. The Vietnamese National Assembly supports the two countries in strengthening trade and investment cooperation; and hopes to have more Australian investors invest in production and business in Vietnam.

The National Assembly Chairman announced that the 5th Session is taking place, the Vietnamese National Assembly is considering and deciding on 20 draft laws, including many related to economics, trade and investment. The Vietnamese National Assembly is considering and facilitating visas not only for Vietnamese citizens, but also for citizens of other countries, contributing to promoting cooperation in trade, investment and tourism.

Vietnam always respects and appreciates Australia's role in the region and the international arena. Emphasizing this, the National Assembly Chairman expressed his hope that Australia would continue to support the views of ASEAN and Vietnam on the East Sea issue.

At the meeting, Prime Minister Anthony Albanese congratulated the Vietnam Women's National Football Team for reaching the World Cup finals for the first time in history. Regarding the 9th Global Young Parliamentarians' Conference hosted by the Vietnamese National Assembly, Prime Minister Anthony Albanese affirmed that he would promote the sending of an Australian Parliamentary Delegation to Hanoi to attend in September.

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