Australian-Vietnamese talks aim to expand trade beyond China

Posted on March 8, 2024

Australian and Vietnamese leaders discussed strengthening their already successful economic relationship, part of Australia's effort to broaden trade beyond China.

Australia sees its partnership with Vietnam as a successful strategy amidst Chinese economic actions.

Chinese trade barriers, official and unofficial, have reportedly cost Australian exporters up to AU$20 billion annually since 2020.

Trade between Australia and Vietnam surged by 75% in two years, reaching AU$25.7 billion in 2022, making Vietnam Australia's 12th-largest trading partner.

Both leaders agreed to elevate their partnership to a comprehensive strategic level, the highest level of cooperation Vietnam has with any country.

These discussions highlight Australia's ongoing efforts to diversify trade relations and reduce reliance on China.