Amidst heightened diplomatic activities, Prime Minister Pham Minh Chinh’s official visit to Australia with his high-ranking delegation marks a significant milestone.
The visit kicked off with a grand welcome ceremony in Canberra on March 7, during which the Vietnamese delegation received a 19-gun salute. Australian Prime Minister Anthony Albanese and his fiancée hosted the event, setting the stage for substantial talks between the two government leaders at Parliament House.
PM Anthony announced on Thursday that Australia is elevating its relationship with Vietnam to a comprehensive strategic partnership in a significant development. This decision is part of both countries’ efforts to diversify supply chains and reduce dependency on China.
During a subsequent press conference in Canberra, the Australian prime minister emphasized that elevating the ties to a comprehensive strategic partnership signifies a meaningful connection between the two nations. This upgrade aligns with Vietnam’s successful “bamboo diplomacy,” a strategy the country has employed to enhance relationships with major global powers amid growing international tensions.
The official Vietnam News Agency reported on Thursday that mutual political trust between the two nations has reached an all-time high. The comprehensive strategic partnership will pave the way for increased collaboration on various fronts, including climate issues, environmental protection, energy, defense, security, economic engagement, and education, as outlined in a joint statement by both countries.
On the same day, PM Anthony and Vietnamese Prime Minister Pham Minh Chinh witnessed the exchange of 12 cooperation documents covering areas such as energy, minerals, agriculture, banking, and finance, according to the Vietnamese government.
Australia, a key producer of critical minerals used in everyday products like smartphones and automobiles, finds synergy with Vietnam, which boasts some of the world’s largest untapped mineral deposits. Notably, an annual ministerial dialogue on energy and minerals is set to drive cooperation in the energy and resources sectors, particularly in critical minerals supply chains.
Vietnam’s resources, including rare earths, have become an attractive alternative for collaboration. The United States has already committed to enhancing cooperation with Vietnam in the rare earths sector, recognizing it as a potential alternative to China’s dominance in critical minerals extraction and processing.
Vietnam, with the world’s second-largest deposits of approximately 22 million tonnes of rare piles of earth oxide (REO) equivalent, has drawn interest from Australian miners. For instance, Blackstone Minerals Ltd. has partnered with Vietnam Rare Earth JSC (VTRE) in a project at Dong Pao, Vietnam’s largest mine in Lai Chau province, with a potential investment of around US$100 million if it secures the concession.