Australian Prime Minister Anthony Albanese and Vietnamese Prime Minister Pham Minh Chinh met on Thursday to discuss ways to further strengthen their already flourishing economic relationship. This meeting aligns with Australia’s strategic goal of diversifying its trade partnerships, particularly away from China.
Prime Minister Chinh’s official visit to Australia followed his participation in a summit of Southeast Asian leaders co-chaired by Albanese and Laotian Prime Minister Sonexay Siphandone. The Vietnam-Australia bilateral relationship has proven instrumental in Australia’s strategy to mitigate the economic impact of China’s actions.
Australia has asserted that China’s official and unofficial trade barriers have cost Australian exporters upwards of 20 billion Australian dollars ($13 billion) annually since 2020. However, these restrictions have witnessed a gradual easing since Albanese’s government assumed office in 2022.
Albanese highlighted the significant growth in trade between Australia and Vietnam, emphasizing a 75% increase over the past two years, reaching $25.7 billion in 2022, the most recent year with available data. This surge has positioned Vietnam as Australia’s 12th largest trading partner.
“Prime Minister Chinh and I reaffirmed our shared commitment to expanding our trade and investment ties, thereby fostering economic prosperity in both our nations,” Albanese stated during a press conference.
The meeting resulted in the elevation of the bilateral relationship to a comprehensive strategic partnership, which, according to Chinh, represents the highest level of cooperation Vietnam enjoys with any other country. He further attributed this enhanced relationship to a growing sense of political trust and closer diplomatic collaboration.
This development signifies a strategic move by Australia to bolster its economic ties with Southeast Asian nations, aiming to lessen its dependence on China as a major trading partner. The significant increase in trade with Vietnam and the elevation of their bilateral relationship serve as concrete steps towards achieving this objective.
