Vietnam, Australia discuss ways to step up economic cooperation
Vietnamese Minister of Industry and Trade Nguyen Hong Dien had a working session with Australian Minister for Trade and Tourism Don Farrell in Hanoi on April 17, discussing specific measures to enhance economic and commercial ties and effectively implement the Vietnam - Australia Enhanced Economic Engagement Strategy.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA)
Hanoi (VNA) – Vietnamese Minister of Industry and TradeNguyen Hong Dien had a working session with Australian Minister for Trade and Tourism DonFarrell in Hanoi on April 17, discussing specific measures to enhance economic and commercial ties and effectively implement the Vietnam - Australia Enhanced Economic Engagement Strategy.
They agreed that the bilateral economic and commercial partnership is at itsbest ever, with the two economiescomplementing one another.
Data showed that their trade has risen significantly in recent years. Vietnamis currently Australia's 12th largest trading partner and 9th largest exportmarket. Meanwhile, Australia is the 7th largest trading partner of Vietnam.
The ministers expressed their delight at the increasingnumber of Vietnamese enterprises established and operating in Australia and Australian businesses’ remarkable contributions to the Vietnamese economy and vice versa.
Talking about mutual benefits brought about by the above-said strategy,particularly in the areas of trade, industry, agriculture, energy, digitaleconomy, and education, the two sides reaffirmed they will further carry out it effectively.
They agreed to soon sign a memorandum of understanding onthe establishment of a ministerial-level dialogue mechanism on trade and co-chairthe first dialogue – a key initiative in the strategy for this year.
Confirming their commitments to devote efforts to the WorldTrade Organisation (WTO) serving the creation of a rules-based framework forglobal trade, Dien and Farrell concurred to continue building positive momentumtowards the 13th WTO Ministerial Conference (MC13) slated for 2024.
They took note of the importance of trade agreements that bothnations are members – such as the ASEAN-Australia-New Zealand Free Trade Area(AANZFTA), the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) – in supportingfree trade and economic growth. Australia’s engagement in the ASEAN-led process wasalso acknowledged.
The ministers stressed that their countries are jointlyaddressing new opportunities and challenges such as the digital economy, supplychains, energy and the climate./.
Since the establishment of diplomatic ties 50 years ago, Vietnam and Australia have built a strong and enduring relationship with diverse and increasing interests. In March 2018, the two countries officially upgraded ties to a Strategic Partnership, opening a new page in bilateral relations.
Party General Secretary Nguyen Phu Trong and visiting Australian Governor-General David Hurley spoke of the building of a new cooperation framework during their meeting in Hanoi on April 4.
Ho Chi Minh City wants to strengthen cooperation with Australian localities in areas where it has demand and Australia has strength such as high-quality human resource development, digital economy, and innovation, finance, energy transition, climate change response, and logistics, Secretary of the municipal Party Committee Nguyen Van Nen said in a meeting with Australian Governor-General David Hurley in the city on April 5.
The third Vietnam-Australia Economic Partnership Meeting was held in Hanoi on April 17 under the co-chair of Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade and Tourism Don Farrell.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA) 
