Prime Minister Pham Minh Chinh and Australian Prime Minister Anthony Albanese discussed upgrading the two countries' relationship to a comprehensive strategic partnership. Photo: VGP

50 years of bilateral relations

Since establishing diplomatic relations in 1973 and upgrading to a strategic partnership in 2018, relations between the two countries witnessed strong, comprehensive, and strategic developments in all fields.

In the economic-trade-investment field, Vietnam emerged as a dynamic economy in Asia with a rapidly growing market and competitive workforce.

Two-way trade turnover reached US$13.8 billion by 2023, making Australia Vietnam's 10th largest trading partner, while Vietnam is Australia's 7th largest trading partner.

Investment between the two countries is flourishing and has a lot of potential, with nearly 600 Australian investment projects in Vietnam. Total investment capital reached more than US$2 billion, and Vietnam's investment in Australia reached US$600 million .

Australia has always been one of the largest bilateral non-refundable aid partners for Vietnam, with ODA capital reaching AUD92.8 million (US$60.90 million) per year in the period 2022-2023. Besides, people-to-people exchanges also play an essential role in tightening the friendly relationship between the two countries.

Ceremony to welcome Prime Minister Pham Minh Chinh on his official visit to Australia. Photo: VGP

The two countries also share and cooperate effectively at international and regional forums, especially in ASEAN and Mekong sub-region cooperation.

As stated in the joint statement on March 7, the two countries' friendship and cooperation developed steadily and comprehensively on the basis of strategic trust and mutual understanding.

It is strengthened through the mutual complementarity of the two economies, the similarity of interests, and the deep connection between the two peoples.

Deepening and expanding strategic trust

The joint statement on March 7 on establishing the Vietnam-Australia comprehensive strategic partnership framework is the result of the past 50 years, in accordance with the common needs, interests and aspirations of the two countries.

This is the most important relationship framework in the foreign policies of the two countries.

Vietnam has opportunities and conditions to develop relations with Australia.

Australia is a important, effective and substantive partner, practically serving development goals, maintaining a peaceful and stable environment, and enhancing the country's prestige and position.

For Australia, further strengthening relations with Vietnam, one of the leading partners in the region, is strengthening relations with ASEAN and other countries in the region, taking advantage of new cooperation opportunities to enhance Australia's position and role.

Prime Minister Pham Minh Chinh and Australian Prime Minister Anthony Albanese witnessed the signing ceremony and exchange of cooperation documents between leaders of ministries and agencies of the two countries. Photo: VGP

Upgrading relations helps the two countries strengthen political trust, and mutual understanding.

It will create positive momentum, and conditions for mobilizing and focusing resources for economic, science-technology, and sustainable development. This is for the benefit of the two peoples, for peace, stability and development in the region, and the world.

The establishment of a comprehensive strategic partnership framework with Australia and six of the world's leading powers and leading partners of Vietnam (including China, Russia, India, South Korea, and the United States, Japan) is an important and outstanding result of Vietnam's foreign policy of independence, self-reliance, peace, cooperation, development, diversification, and multilateralization.

Promoting relations with neighboring countries, regions, major and important partners, and traditional friends strengthened the open and favorable foreign affairs situation.

It contributed to maintaining a peaceful and stable environment for development, promoting the realization of development goals to 2030 and vision to 2045 of the 13th National Party Congress.

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