The number of Vietnamese firms operating in Australia has grown.

DNHN - Ministers Nguyen Hong Dien and Don Farrell concurred that the trade and investment relationship between Vietnam and Australia has never been more advanced as an economic partner; the economies of Vietnam and Australia are complementary.

On the occasion of the 50th anniversary of the establishment of diplomatic relations between Vietnam and Australia, the Vietnamese Minister of Industry and Trade, Nguyen Hong Dien, and the Australian Minister of Trade and Tourism, Senator Hon Don Farrell, met on April 17 in Hanoi to exchange specific contents and measures to further deepen the bilateral economic and trade cooperation relationship and effectively implement the Strategy to strengthen Vietnam's economy. Australia, south.

Vietnam is Australia's ninth-largest export market and its twelfth-largest trading partner. Australia is currently Vietnam's seventh-largest trading partner. Concurrently, the two Ministers acknowledged that Australian businesses have invested in Vietnam and made significant contributions, and vice versa.

During the meeting, the parties also discussed the mutual benefits of the Strategy to strengthen economic cooperation between Vietnam and Australia, particularly in the areas of trade, industry, agriculture, energy, etc. digital economy, and education. The parties reaffirmed that they will continue to implement this Strategy effectively. Minister Nguyen Hong Dien and Minister Don Farrell have agreed to sign a Memorandum of Understanding on the establishment of a ministerial-level dialogue mechanism on Trade and co-chair the 1st Dialogue on a cooperation mechanism - an important initiative in this year's Strategy to strengthen economic cooperation between Vietnam and Australia.

Ministers Nguyen Hong Dien and Don Farrell reaffirmed their dedication to the WTO's creation of a rules-based framework for global trade and agreed to continue building momentum towards MC 13 in 2024. Both parties acknowledged the future significance of the Free Trade Agreements to which both countries are parties (AANZFTA, RCEP, and CPTPP) and the Indo-Pacific Economic Framework (IPEF). supporting the economic expansion and trade liberalization. It was also noted that Australia participated in the leading Association of Southeast Asian Nations (ASEAN) process.

Ministers Nguyen Hong Dien and Don Farrell emphasized that the two nations are addressing new opportunities and challenges such as the digital economy, supply chains, energy, and climate jointly.

The two ministers reaffirmed their commitment to achieving net-zero emissions by 2050 and emphasized the significance of a timely transition to clean energy and the need for cooperation to support climate goals.

Vu Quy