(MENAFN) Vietnam and Australia have agreed to significantly strengthen their economic partnership, targeting a surge in trade and investment as both countries deepen bilateral ties, according to a newspaper.

During the 7th Foreign Ministers' Meeting, held Wednesday in Hanoi, the two sides set an ambitious goal: raise two-way trade to $20 billion and double mutual investment in the coming years. The high-level talks were co-chaired by Vietnamese Deputy Prime Minister and Foreign Minister Bui Thanh Son and Australian Foreign Minister Penny Wong.

Both nations underscored the importance of expanding cooperation beyond traditional sectors, calling for new momentum in areas such as science, technology, and innovation. They also stressed investment in high-tech industries, climate change mitigation, clean energy transition, and digital transformation as critical pillars for future collaboration.

The agreement builds on an increasingly strategic relationship between Hanoi and Canberra, as both governments look to diversify trade partnerships and strengthen regional economic resilience amid global uncertainties.

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