Australia will spend $105 million to help Vietnam with its clean energy transition.
The deal was announced on Sunday by Prime Minister Anthony Albanese in Hanoi, after a meeting with his Vietnamese counterpart Pham Minh Chinh.
Albanese met on Sunday individually with the Prime Minister of Vietnam, the President of the National Assembly, the President of the Socialist Republic and the Secretary General of the country’s Communist Party.
The meeting is part of a concerted effort to strengthen trade and economic ties between Australia and Vietnam.
The $105 million deal was announced by Prime Minister Anthony Albanese (left) after meeting his Vietnamese counterpart Pham Minh Chinh (right) in Hanoi
Albanese said Australia wants to work with its neighbours, especially when it comes to the challenges of climate change.
“I am pleased to announce that Australia will step up our support for energy transformation in Vietnam,” said Mr Albanese.
“With a major package of new overseas development aid of USD 105 million to support sustainable infrastructure planning.
“For encouraging private investment in clean energy infrastructure and providing technical assistance to develop Vietnam’s critical mineral sector.”
The talks, aimed at strengthening ties with the strategically important nation, will focus on Australia’s “shared interests”, namely the status quo challenge China poses in the South China Sea, and the bilateral trade relationship.
Mr Albanese also raised defense and security issues in his talks, given the Southeast Asian country’s shared border with China.
Albanese said he and his Vietnamese counterpart had discussed their shared vision of “an open, stable, secure, prosperous and resilient Indo-Pacific that respects national sovereignty.”
“Vietnam and Australia want to see a continuation of the peace and progress our countries have enjoyed over the past century,” he said.
“We are determined to cooperate and consult bilaterally with ASEAN countries and through multilateral fora to advance our vision.”
The deal aims to help Vietnam develop sustainable clean energy infrastructure (pictured Mr. Albanese and Mr. Chinh at a welcome ceremony at the Presidential Palace in Hanoi)
Mr Abanese said a comprehensive strategic partnership between Australia and Vietnam was in the works “as soon as possible”.
“All of this connection and cooperation is coming together in our plans to elevate our relationship into a comprehensive strategic partnership, and the Prime Minister and I today discussed how we can do that as quickly as possible,” he said.
“To express the confidence that we have each other as top partners and lasting friends.”
On Saturday, Mr Albanese said the trip was a milestone in marking 50 years of diplomatic relations between Australia and Vietnam.
“I am very happy to be here on my first official visit to Vietnam as Prime Minister of Australia, on the occasion of the 50th anniversary of our diplomatic relationship,” Albanian said on Saturday.
‘We are strategic partners and we have been good friends for 50 years.’
Mr Albanese’s arrival in Hanoi on Saturday was met with great fanfare as both locals and the media showered him at a beer and bahn mi restaurant.
The meeting is part of a joint effort to strengthen trade and economic ties between the two countries. (in the picture, Mr. Albanian having a beer with the locals in a bahn mi restaurant)
Mr Albanese said the two countries had signed an agreement to stop international money laundering.
“It will allow financial intelligence sharing, to interrupt money laundering and terrorist financing,” Albanese said.
The two leaders also agreed to expand the program, allowing Australia’s national science agency to collaborate with its Vietnamese counterparts.
He will return to Australia on Sunday evening.