Move FM Regional news

SYDNEY, Australia: Australian Prime Minister Anthony Albanese announced that the country is elevating its ties with Vietnam to the level of a comprehensive strategic partnership, initiating annual dialogues on minerals to diversify supply chains away from China.

“Elevating our ties to a comprehensive strategic partnership today places Australia and Vietnam among each other’s significant partners,” Albanese stated during a news conference in Canberra.

The upgraded ties represent a significant achievement for Vietnam’s “bamboo diplomacy,” which seeks to enhance relations with major global powers amidst increasing global tensions.

“Mutual political trust between the two countries has been elevated, reaching the highest-ever level,” reported the official Vietnam News Agency.

The comprehensive strategic partnership will facilitate expanded cooperation on various issues, including climate, environment, energy, defense, and security, as well as economic engagement and education, according to a joint statement by the two countries.

Albanese and Chinh also presided over the exchange of 12 cooperation documents on energy, minerals, agriculture, banking, and finance, among other areas.

Australia, significant producer of critical minerals essential for smartphones and automobiles, aims to bolster cooperation with Vietnam, which possesses some of the largest untapped mineral deposits globally.

“An annual ministerial dialogue on energy and minerals will drive cooperation in our energy and resources sectors, including critical minerals supply chains,” the statement outlined.

With Vietnam’s resources seen as an alternative source of rare earths, the United States has already committed to enhancing cooperation with the country. China, which dominates the extraction and processing of critical minerals, possesses the world’s largest deposits.

Despite ongoing rare earth deals, certain agreements have faced uncertainty following the arrest of the VTRE chairman by Vietnamese authorities in October on charges of forgery and rare earth smuggling.

Australia, a significant coal supplier to Vietnam, saw coal shipments to the country rise by 17 percent last year, comprising 39 percent of Vietnam’s total coal imports.

Australia now joins the ranks of the United States, China, India, South Korea, Japan, and Russia as Vietnam’s top partners, further solidifying its place in the region’s geopolitical landscape.