The agreement was reached at a meeting in Ha Noi on July 28 between Vietnamese Minister of Finance Ngo Van Tuan and Australian Minister for International Development Anne Aly.
Tuan said Australia is one of Viet Nam's important development partners, noting that cooperation between the two countries has consistently focused on practical outcomes and aligned with Viet Nam's development priorities. He expressed his appreciation for Australia's continued support and voiced his confidence that the bilateral ties would become increasingly substantive and effective.
Reviewing economic relations, the Vietnamese minister said two-way trade has maintained strong growth momentum. Bilateral trade reached 8.2 billion USD in the first half of 2026, up 21.9% from the same period last year.
However, he noted that investment cooperation has yet to match the potential of the relationship and called on Australia to encourage more businesses to invest in Viet Nam, particularly in mining, mineral processing, clean energy, high-tech agriculture, innovation and digital transformation.
Developing SMEs was another key topic of discussion. Tuan said Viet Nam is home to around one million enterprises, about 98% of which are SMEs, making them a vital contributor to economic growth and job creation.
He proposed Australia share its experience in developing policies and institutions to support SMEs, particularly in innovation, digital transformation, productivity improvement and sustainable development. The two sides also agreed on the importance of strengthening business-to-business links to help Vietnamese SMEs participate more deeply in supply chains in renewable energy, high-tech agriculture, mining, food processing and the circular economy.
On sustainable development, Tuan highlighted Viet Nam's vulnerability to climate change and sea level rise, especially in the south-central region and the Mekong Delta.
He expressed Viet Nam's hope that Australia would expand technical assistance in developing and transferring salt-tolerant crop and livestock varieties, promoting advanced farming technologies and supporting the transition to climate-resilient production models and livelihoods.
The minister also underscored the strategic importance of water resource management, noting that more than 60% of Viet Nam's water resources originate outside its borders. He called for closer cooperation with Australia in sharing expertise, technology and modern water management models.
For her part, Aly reaffirmed that Australia considers Viet Nam a trusted and important strategic partner in the region.
She praised the achievements made over more than five decades of diplomatic relations and said strong links among people, businesses and organisations form the foundation for expanding cooperation in trade, investment and development.
The minister also expressed Australia's interest in broadening collaboration with Viet Nam in digital economy, energy transition, critical minerals, education, innovation and SME development, while strengthening joint efforts to address global challenges, particularly energy security and climate change.
She said Australia's development cooperation programmes would continue to be designed based on Viet Nam's needs and priorities, helping promote sustainable growth and strengthen the resilience of the Vietnamese economy.
For his part, Australian Ambassador to Viet Nam Gillian Bird said Australia has strengths in mining, rare earths and energy transition, and is keen to expand specialised exchanges to share technology, expertise and experience with Viet Nam.
The two sides agreed to maintain regular exchanges and tasked relevant agencies with implementing the agreed cooperation priorities. They also pledged to coordinate closely in preparing for the upcoming visit to Australia by Party General Secretary and State President To Lam, expressing confidence that the trip would inject fresh momentum into the Viet Nam-Australia Comprehensive Strategic Partnership.
