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In a recent interview with the Vietnam News Agency (VNA), Hill highlighted how international rankings consistently showcase Vietnam's impressive economic and social progress. He observed that Vietnam is on the path to achieving "upper-middle income economy" status—a milestone that would have seemed unimaginable in the late 20th century. However, he also warned of significant development challenges ahead.

The global economic-security environment remains highly volatile and uncertain, particularly in the context of relations between global superpowers China and the US. Moreover, upper-middle income economies necessitate substantial ongoing policy reforms, including higher quality governance, stronger and more independent institutions (such as the judiciary), and a level playing field for all enterprises, irrespective of ownership. Hill pointed out that the "easy phase" of export-oriented industrialization has ended, wages are rising, and the dualistic economic structure will need to be reformed.

On the diplomatic front, Hill emphasized the importance of diversifying Vietnam’s economic and strategic partnerships amid global uncertainty. In 2024, Vietnam upgraded its diplomatic ties to comprehensive strategic partnerships with Australia (March), France (October), and Malaysia (November). Hill noted that these milestones are significant but should lead to actionable outcomes, particularly in fostering stronger business-to-business relationships.

According to Hill, Australia and Vietnam have a strong working relationship that is likely to grow rapidly, with the Australian Vietnamese community playing a key facilitating role. However, Australian investment abroad continues to focus mainly on traditional business partners, especially the US and the UK, thereby missing out on the dynamic opportunities in Southeast Asia.

Layton Pike, a member of the Australia-Vietnam Policy Institute (AVPI)'s advisory board.

In another interview with the Vietnam News Agency, Layton Pike, a member of the Australia-Vietnam Policy Institute (AVPI)'s advisory board, expressed a positive outlook for Vietnam's economy in 2025 despite global economic challenges such as prolonged inflation and increasing protectionism.

Pike noted that the Vietnamese Government's goal to accelerate economic development in 2025, targeting a GDP growth rate of over 8%, demonstrates its unwavering commitment to prioritizing economic growth. He suggested that Vietnam continue to implement policies to improve legal frameworks and reduce investment barriers for investors, including those from Australia.

The AVPI has long advocated for simplifying foreign direct investment processes to align with international standards, thereby consolidating investor confidence and making Vietnam a more attractive destination for businesses.

Regarding Vietnam-Australia relations, Pike highlighted that the elevation of ties to a comprehensive strategic partnership this year promises expanded collaboration across various domains, such as digital transformation and energy transition—cornerstones for future prosperity and security of both nations.

Pike mentioned that political leaders and businesspeople from both countries are ambitious about the bilateral ties for the coming year. He added that continuous collaboration will play a central role in maintaining momentum for the relationship and achieving the goals of the comprehensive strategic partnership.

The AVPI is committed to supporting the expansion and enhancement of the bilateral relationship, including facilitating broader networks of businesses and organizations and providing platforms for the exchange of ideas and deeper mutual understanding.

According to Pike, the partnership also emphasizes a shared commitment to human rights and equal opportunities. Constructive and frank dialogues on human rights have been a milestone in the bilateral ties and are expected to continue under the comprehensive strategic partnership.

As a member of the UN Human Rights Council, Vietnam has opportunities to cooperate with regional partners in promoting fundamental human rights globally, Pike added.

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