Australia - Vietnam Enhanced Economic Engagement Strategy

Vietnam and Australia share an ambition to boost bilateral trade and investment to support both countries’ sustainable, inclusive economic growth. The Strategy and its Implementation Plan set out a vision for how we can work together to strengthen two-way trade and investment.

Enhancing economic engagement

In August 2019, Australia’s and Vietnam’s Prime Ministers agreed to develop an Enhanced Economic Engagement Strategy, with the aim of becoming top ten trade partners and doubling bilateral investment.

The Strategy solidifies the two countries’ shared commitment to trade liberalisation and economic connectivity, and will help both countries take advantage of emerging market opportunities and continue economic recovery from the COVID-19 pandemic.

Prime Minister forewords Prime Minister forewords Ministerial statements Ministerial statements

“This Strategy brings our economic goals into sharp focus, and sets out the way to deliver our shared ambitions of doubling two-way investment and becoming top-ten trading partners. It celebrates the complementarity of our national economies.”

The Prime Minister of Australia, Scott Morrison

“The Australia-Vietnam Enhanced Economic Engagement Strategy shows the ambition and aspirations of our two countries’ governments and people to become top-ten trading partners, double our two-way investment, overcome challenges, and take full advantage of the opportunities for post-pandemic economic recovery and development.”

The Prime Minister of Vietnam, Pham Minh Chinh

Case Study of Australian investment in Vietnam: SunRice acquisition of a rice processing mill in Dong Thap Province, Vietnam

Harnessing opportunities in key sectors

This section identifies a number of key sectors in which Vietnam and Australia have particular strengths and which provide opportunities to further develop the trade and investment relationship.

Strategy Report

Introductions

Forewords by the Prime Ministers of Australia and Vietnam, and Statements by Vietnam’s Minister of Planning and Investment and Australia’s Minister for Trade, Tourism and Investment.

Overview

Vietnam and Australia share an ambition to boost bilateral trade and investment.

COVID-19 early recovery

The COVID-19 pandemic caused an economic shock globally, but affected every country and market sector differently.

Fostering fertile business and investment environments

Differences in legal and regulatory systems, cultural practices and language present challenges for new market entrants in both countries.

Harnessing opportunities in key sectors

This section identifies a number of key sectors in which Vietnam and Australia have particular strengths and which provide opportunities to further develop the trade and investment relationship.

Promoting free and open trade internationally

Australia and Vietnam recognise the rules-based global trading system as the basis for open international trade based on market principles.