Australia wants a comprehensive strategic partnership with Vietnam, an upgrade from the current strategic partnership, according to VN Express.
Vietnam and Australia have drawn much closer in recent years as trade friction with China has seen the land downunder look for alternative markets for its products. Cotton exports from Australia to Vietnam, for example, topped US$1.17 billion last year compared to just US$75 million worth of exports to China. For comparison, in 2019 Australia exported US$80 million of cotton to Vietnam and US$775 million worth of cotton to China.
Two-way trade between Vietnam and Australia topped US$15.5 billion in 2022.