Australian and Vietnamese prime ministers elevate their nations’ booming economic relationship

By ROD McGUIRK
Associated Press

MELBOURNE, Australia (AP) — Australian and Vietnamese prime ministers have discussed ways of improving an already booming economic relationship, as part of Australia’s strategy to diversify trade away from China. Vietnamese Pham Minh Chinh’s official state visit on Thursday followed a summit of Southeast Asian leaders this week co-chaired by Australia’s Anthony Albanese. The Vietnam bilateral relationship has proved a success in Australia’s hedge against Chinese economic moves. Australia says China’s official and unofficial trade barriers have cost Australian exporters up to $13 billion a year since 2020. Albanese says trade between Australia and Vietnam has increased 75% in two years to $16.9 billion in 2022.