Australian Prime Minister Anthony Albanese will make a two-day visit to Vietnam on June 3 and 4 to mark the 50th anniversary of diplomatic relations between the two nations.

Australian Prime Minister Anthony Albanese. Photo courtesy of the Australian Embassy in Vietnam

This will be his first trip to Vietnam since becoming Prime Minister of Australia on May 23, 2022.

During his visit, the Prime Minister will meet with Vietnamese leaders to discuss ways to strengthen bilateral relations in trade, business, education, and investment and expand cooperation on climate, energy, and the environment.

Vietnam has increasingly become a key economic and strategic partner for Australia in Southeast Asia - the focus of the Albanese Government.

"My first official visit to Vietnam is an opportunity to celebrate the 50th anniversary of diplomatic relations and to agree on new areas of economic, trade, and other cooperation to deliver a stronger relationship into the future," Prime Minister Anthony said in the May 30 press release.

In 2022, the value of two-way trade between Vietnam and Australia increased by nearly 27% year-on-year to US$15.7 billion. The figure made the latter Vietnam's seventh-largest trading partner.

The increase in bilateral trade has been attributed to the two countries' efforts to capitalize on the opportunities created by free trade agreements.

In April 2023, the Australian Government agreed to increase its official development assistance (ODA) to Vietnam from AU$78.9 million ($51.6 million) to AU$92.8 million ($60.7 million), focusing on human resource development, women's empowerment, combating the Covid-19 epidemic, and promoting the private sector.

As of March 2023, Australian companies run 593 FDI projects in Vietnam with total capital of $1.99 billion, ranking 20th out of 143 countries investing in Vietnam.

Australia is also one of the top destinations for Vietnamese students to study abroad. As of December 2022, more than 22,000 Vietnamese students were studying in the country.

Before arriving in Vietnam, the Australian Prime Minister will travel to Singapore to attend and deliver his keynote speech at the 20th Shangri-La Dialogue and meet with his Singaporean counterpart Lee Hsien Long.