In regards to milestones in the bilateral relations, Ambassador Goledzinowski said that Australia was one of the pioneers in investing in Vietnam right after the Southeast Asian nation opened its economy in the 1980s.

In 2009, the two countries elevated the relationship to a comprehensive partnership, and issued a joint statement on the establishment of a strategic partnership in 2018. Vietnam - Australia are also among the top 10 trading partners of each other, with two-way trade hitting US $ 15.7 billion in 2022, doubling the figure recorded before 2018.

Also, Australia’s official development assistance (ODA) has significantly contributed to Vietnam’s socio-economic development, worth approximately US $2 billion.

Since 1974 Australia has funded more than 7,000 Australia Award Scholarships, supporting Vietnamese leaders and emerging leaders to undertake study, research and professional development in Australia. More than 80,000 Vietnamese people are part of Australia's global alumni network, receiving continuous support from Australia for personal and professional development to enhance their contribution to the development of Vietnam.

In late 2022, the Ho Chi Minh National Academy of Politics (HCMA) and the Australian Department of Foreign Affairs and Trade (DFAT) signed a Cooperation Agreement at the HCMA to implement the Project: "Establishment and Capacity Building for the Vietnam – Australia Centre." This past January, the Vietnam – Australia Centre (VAC) was officially established, under an agreement between the Prime Minister of Vietnam and the Prime Minister of Australia in August 2019.

The VAC contributes to capacity building for Vietnamese leaders and managers to meet the country’s integration and development demands, as well as promoting a close, positive, and enduring cooperation relationship between Vietnam and Australia in a new context.