Việt Nam, Australia issue joint statement outlining new priorities to deepen trade ties

Việt Nam, Australia issue joint statement outlining new priorities to deepen trade ties

Việt Nam and Australia reaffirmed their long-standing economic partnership and agreed on new priorities to deepen trade and investment ties at the second Trade Ministers’ Dialogue in Melbourne on November 19.

Minister of Industry and Trade Nguyễn Hồng Diên and Australia’s Minister for Trade and Tourism, Senator Hon Don Farrell, co-chair the second Trade Ministers’ Dialogue. — Photo congthuong.vn

The meeting was co-chaired by Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên and Australia’s Minister for Trade and Tourism, Senator Hon Don Farrell.

According to the joint statement, the ministers noted that bilateral trade has grown rapidly in recent years. Việt Nam is now Australia’s 10th-largest goods trading partner and 14th-largest goods-and-services trading partner, while Australia ranks as Việt Nam’s 10th-largest goods trading partner.

Both sides acknowledged that the partnership is underpinned by complementary economic structures, strong people-to-people ties and a shared commitment to a rules-based global trading system.

The ministers highlighted progress made under the Vietnam–Australia Enhanced Economic Engagement Strategy, Australia’s Southeast Asia Economic Strategy to 2040 and the Trade Ministers’ Dialogue, which have fostered a more favourable business environment and supported stronger trade and investment links.

At the meeting, the two sides discussed measures to deepen cooperation in priority sectors such as agriculture, education, tourism, trade promotion and facilitating business activities in each other’s markets.

They welcomed recent steps to open markets for Vietnamese grapefruit and Australian blueberries and agreed to work toward expanding access for additional agricultural products.

The ministers also discussed priority initiatives under the Comprehensive Strategic Partnership to promote collaboration in sectors vital to future industries. They underscored three areas for closer cooperation: maintaining sustainable mineral supply chains; supporting climate and energy-transition goals; and tapping greater investment potential in energy and critical minerals.

Both sides stressed the importance of digital trade rules and expressed interest in strengthening cooperation on digital transformation and the digital economy.

The two ministers reiterated strong support for the WTO-led, rules-based trading system and pledged to maintain positive momentum toward ambitious WTO reforms ahead of the 14th Ministerial Conference in 2026. They also reaffirmed their support for enforceable trade rules, noting Việt Nam’s recent decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA). Australia welcomed Việt Nam’s plan to host APEC in 2027.

Both sides emphasised the role of free trade agreements – including the AANZFTA, RCEP and CPTPP – in promoting trade liberalisation and inclusive economic growth. They committed to maximising the benefits of these agreements for businesses.

Minister of Industry and Trade Nguyễn Hồng Diên and Australia’s Minister for Trade and Tourism, Senator Hon Don Farrell, co-chair the second Trade Ministers’ Dialogue. — Photo congthuong.vn

Minister Farrell welcomed Việt Nam’s upcoming assumption of the CPTPP Chairmanship in 2026. The two sides agreed on the importance of a meaningful joint review of the agreement and reiterated their support for efforts to expand the CPTPP.

They also committed to building on Australia’s achievements during its chairmanship to further strengthen the trade pact.

Australia and Việt Nam pledged to continue close coordination as Việt Nam prepares to host APEC in 2027, with both sides expressing confidence that the forum will contribute to regional prosperity. 

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