The recently launched Australia-Vietnam Enhanced Economic Engagement Strategy seeks to foster cooperation between Australia’s advanced economy and that of Vietnam, which is one of the fastest growing and vibrant economies in the region.

“Australia and Vietnam have complementary economies – we are partners more than competitors. Our supply chains are becoming more closely entwined, meaning together we are exporting to markets around the world,” said Dan Tehan, Australia’s minister for Trade, Tourism and Investment.

“The implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and boost our trade and investment relationship, especially in key areas such as education, resources, agriculture, manufacturing and digital economy,” he noted.

In the domain of education, skills and training, the two countries are aiming at deepening cooperation on developing a greater understanding of each other’s education systems, the skills and training landscape, as well as the labour market needs.

This will also include “building enduring higher education institutional linkages” and providing support to Vietnam’s university governance reforms. As part of this, Australia is to set up an ‘Australia-Vietnam University Leaders Dialogue’ and an ‘Australia-Vietnam Policy Institute’.

Australia is to also support capacity building in Vietnam’s higher education sector, under the ‘Aus4Skills’ Program, among other action points.

The countries will also collaborate on strengthening Vietnam’s ‘National Qualifications Framework and Recognition System’. Australia will be providing support to Vietnam for developing its framework, in order to facilitate “two-way student and labour mobility across borders, and to meet respective skilled labour and economic needs”.

The cooperation will also extend to Australia supporting the development of a “quality, industry-focused TVET system” in Vietnam. Under this initiative, the two countries would work towards becoming “knowledge partners” by leveraging digital technologies and will undertake a “digital transformation in TVET” pilot program to create opportunities to further institutional partnerships between TVET providers in the two countries.

The countries will also explore opportunities for Australian providers to “deliver short courses and micro-credentials” in Vietnam.

Additionally, Australia is to also “promote partnerships between Australian providers and ministries in Vietnam” for delivering “best practice” ELICOS programs online.

“Success in achieving the common objectives of the strategy will further enhance the economic position of Vietnam and Australia”

Restrictions on student exchange and mobility will also be eased. Vietnam in particular is to implement “greater post-study work rights for international (including Australian) students” to promote greater people-to-people linkages.

Highlighting the significance of the economic partnership and the new strategy, Vietnam’s minister of Planning and Investment, H.E. Nguyen Chi Dung said, “success in achieving the common objectives of the strategy will further enhance the economic position of Vietnam and Australia, contributing to the safety, security and shared prosperity of the Asia-Pacific region.”

“Whether on the streets of Ho Chi Minh City or on the farms of western Victoria, the Australia-Vietnam economic relationship will provide opportunities for investment and trade,” said Tehan.

“As both our countries emerge from the pandemic and begin our economic recovery, the strategy presents tremendous opportunities for both our nations,” he concluded.