The 2nd Ministerial Dialogue on Trade between Vietnam and Australia provided an opportunity for the two countries to listen, promptly resolve difficulties, and accelerate efforts to raise bilateral trade turnover to USD 20 billion.

Within the framework of the 9th Meeting of the CPTPP Council held in Melbourne on November 19, 2025, Vietnam’s Minister of Industry and Trade Nguyen Hong Dien, together with Australia’s Minister for Trade and Tourism, Senator Hon Don Farrell, co-chaired the 2nd Ministerial Dialogue on Trade.

Speaking at the dialogue, Minister Nguyen Hong Dien emphasized that the second Ministerial Dialogue on Trade was held at a highly meaningful time. Firstly, it served to further deepen the Comprehensive Strategic Partnership between Vietnam and Australia, which was established in 2024. In addition, it provided an opportunity for both sides to listen, promptly remove obstacles, support businesses in expanding markets, diversify supply chains, and promote sustainable economic growth, aiming to reach a trade turnover of USD 20 billion in the near future.

Moreover, the dialogue also created an opportunity for Vietnam and Australia to continue maximizing benefits from multilateral trade agreements such as CPTPP, AANZFTA, and RCEP.

Minister Nguyen Hong Dien underlined that holding the Ministerial Dialogue immediately before the 9th CPTPP Council Meeting allowed both countries to exchange views and better understand each other’s positions on issues currently facing the CPTPP. This would also help Vietnam and Australia coordinate more effectively to elevate the CPTPP and the role and position of each country.

Promoting mutual agricultural market access

During the 2nd Ministerial Dialogue on Trade, the two ministers discussed and agreed on many orientations and solutions to further boost bilateral trade.

Regarding bilateral trade, Minister Nguyen Hong Dien appreciated the cooperation between the two countries in recent years. However, amid global trade difficulties, including protectionism, trade wars, and regional conflicts, the Vietnam-Australia trade turnover has also been affected.

Citing data from Vietnam Customs, Minister Nguyen Hong Dien noted that Australia, which ranked as Vietnam’s 7th largest trading partner in 2022, had fallen to 12th place as of the first ten months of 2025. Bilateral trade turnover reached USD 11.6 billion, down 2.9%, with Vietnam’s exports totaling USD 5.6 billion, up 1.5%, and imports at USD 6 billion, down 6.7% compared with the same period last year.

On agricultural market access, Minister Nguyen Hong Dien appreciated the active and effective cooperation between the two countries’ agriculture ministries in implementing procedures to open markets for plant and animal products. Currently, Australia has opened its market to Vietnamese pomelos since October 2025, while Vietnam has opened its market to Australian blueberries.

In the near future, Minister Nguyen Hong Dien proposed that Australia promptly approve irradiation facilities for pomelos so that Vietnamese pomelos can appear soon on the Australian market. He also urged Australia to continue prioritizing market access for Vietnamese lemons, while Vietnam would prioritize opening the lychee market for Australia.

In addition, Minister Nguyen Hong Dien requested that Australia consider recognizing certification for Vietnamese bivalve mollusks exported to Australia and expedite implementation of the commitment to support five Vietnamese testing laboratories to achieve proficiency over the next three years (2026-2028) in shrimp disease testing.

Encouraging Australian investment in energy projects

On energy cooperation, Minister Nguyen Hong Dien shared that Vietnam is actively seeking foreign investment (FDI) in the energy sector to implement the revised Power Development Plan VIII (adjusted 2025), aiming to add 150 GW of capacity by 2030, focusing on green and sustainable energy. Total investment demand is estimated at USD 150-160 billion over the next decade.

Australia, meanwhile, is among the world’s leading countries in renewable energy development and electricity transmission. Therefore, Minister Nguyen Hong Dien called on Australia to encourage and mobilize Australian enterprises to invest in Vietnam in renewable energy (especially solar power, offshore wind), new energy production (green hydrogen and biomass), energy storage, and smart grid development.

“Investment by Australian businesses not only realizes the potential and cooperation needs in the energy sector between the two countries but also creates opportunities for strong growth in Vietnam-Australia trade turnover,” Minister Nguyen Hong Dien stressed.

Regarding trade promotion solutions, Minister Nguyen Hong Dien emphasized that to achieve the USD 20 billion target, both sides need to continue strengthening trade promotion activities. These activities are the most direct and effective way to help commercial and manufacturing enterprises from both countries connect and find opportunities.

In that spirit, Minister Nguyen Hong Dien proposed close cooperation and effective implementation of the Memorandum of Understanding on trade promotion between Vietnam Trade Promotion Agency (Vietrade) and Austrade. Coordination is needed to organize international trade fairs and increase exchange missions.

The MoIT also hopes to welcome more Australian delegations and businesses to participate in reputable and large-scale trade fairs in Vietnam, such as the International Supply Chain Connection Exhibition, Vietnam Food Expo, and Spring Fair.

On essential mineral supply chain cooperation, Vietnam welcomed Australia’s proposal to ensure mineral supply chains. Australia is a trusted strategic partner with high-quality coal reserves and world-leading experience in sustainable mineral extraction and processing. Minister Nguyen Hong Dien proposed that both countries maintain sustainable mineral supply chains and explore significant potential for investment cooperation in key energy and mineral sectors.

During the dialogue, the two ministers also exchanged views and agreed on many measures to promote cooperation in tourism, education, transport, and logistics.

Promoting bilateral and multilateral cooperation frameworks

Regarding bilateral and multilateral frameworks in which both countries participate, Minister Nguyen Hong Dien affirmed that trade is strongly supported by these frameworks.

Specifically, on the CPTPP, Minister Nguyen Hong Dien appreciated Australia’s proactive engagement in all CPTPP activities and hoped Australia would continue to make important contributions in the coming period.

“Vietnam is ready to closely coordinate with Australia and other members in CPTPP activities, to affirm the role of the CPTPP in promoting trade and investment among members, while contributing to addressing regional and global trade issues,” Minister Nguyen Hong Dien emphasized.

Regarding CPTPP implementation reviews, Vietnam recognized and appreciated the efforts of CPTPP members in reviewing implementation. Vietnam will continue to coordinate closely with other members during this process to bring more benefits to businesses and people, while elevating the CPTPP to play a greater role in regional and global trade.

On CPTPP accession requests, Minister Nguyen Hong Dien noted that recently, the CPTPP has become increasingly attractive, with many economies applying to join. Accession should be considered based on member consensus, ensuring that applicants meet the high standards of the CPTPP.

Minister Nguyen Hong Dien expressed hope that in 2026, Vietnam would serve as the rotating chair of CPTPP. Vietnam is preparing carefully for next year and looks forward to Australia’s positive support.

Regarding the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), Vietnam welcomed the entry into force of the second protocol amending the agreement on April 21, 2025, as well as its effectiveness for Vietnam and Thailand on August 22, 2025, and October 1, 2025, respectively. Vietnam hopes other member states will complete approval of the protocol within 2025, maximizing benefits for regional businesses.

Vietnam also welcomed AANZFTA’s recent implementation and affirmed close coordination with Australia in executing agreed agendas to upgrade the agreement.

Regarding cooperation within the framework of the Regional Comprehensive Economic Partnership (RCEP) and the WTO, Vietnam affirmed its efforts to contribute to the development, peace, and prosperity of partners and members. Minister Nguyen Hong Dien strongly supported the rule-based trading system led by the WTO and agreed to continue fostering positive momentum to support ambitious WTO reforms and rule-making before the 14th WTO Ministerial Conference in 2026 and beyond.

Acknowledging and appreciating Minister Nguyen Hong Dien’s remarks, Australia’s Minister for Trade and Tourism, Senator Hon Don Farrell, stated that Australia would strive to remove difficulties and barriers to facilitate bilateral cooperation.

At the conclusion of the trade dialogue, Vietnam and Australia issued a joint statement. In the statement, both ministers recognized the achievements of practical initiatives under the Vietnam-Australia Economic Cooperation Enhancement Strategy, Australia’s Southeast Asia Economic Strategy to 2040, and the Ministerial Dialogue on Trade, which have created a favorable business environment and built a strong partner network to support trade and investment growth.