Vietnam, Australia expand cooperation on energy, minerals

The consensus has been reached by Minister of Industry and Trade Nguyen Hong Dien and Australian Senate President Sue Lines during the latter's visit to Vietnam - the first by a senior Australian leader since the two countries officially upgraded their bilateral relations to a Comprehensive Strategic Partnership.

During the meeting, Dien appreciated the visit, saying that it shows Australia’s special heed to trade, industry and energy collaboration with Vietnam.

He said as one of the world's leading countries in reserves of resources and minerals such as metal ores, coal, liquefied natural gas as well as advanced technology in energy exploitation, use and transition, Australia is an important partner that provides Vietnam with input materials for industrial energy sectors, and will be an active partner of Vietnam in energy transition, towards the Net Zero target that Vietnam committed at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26).

The minister asked the guest to promote the cooperation between relevant Australian agencies and his ministry in calling for investment in Vietnam, training human resources for and sharing experience and technologies in renewable energy development with the country.

Dien also told Sue Lines about Vietnam's mineral potential, including rare earths, bauxite, titanium and others, which are raw materials for developing important industries like electric vehicle manufacturing.

Vietnam welcomes Australia's investment and cooperation in advanced and modern technology to optimise the exploitation and deep processing of key minerals and ensure environmental sustainability, Dien emphasised.

The two sides also agreed to promote close cooperation in the process of opening the market, create conditions for quality agricultural products from Vietnam and Australia to reach each other's consumers.

Currently, the two sides are completing the final procedures for Vietnamese passion fruit to enter Australia and Australian plum to enter Vietnam. Grapefruit from Vietnam and blueberry from Australia are on the list of products to be the next.

According to the ministry, in the first seven months of 2024, Vietnam's import-export turnover with Australia reached US$8.2 billion, up 4.7% year-on-year. Vietnam's exports to Australia fetched US$3.8 billion, up 32.1% over the same period in 2023, while its import value hit US$4.5 billion, down 10.9%. Vietnam's trade deficit with Australia was US$709.6 million, down 67.3% year-on-year.