Australia shows interest in Vietnam's 'era of rise' vision

Sydney – The deepening relationship between Australia and Vietnam has attracted growing interest from a wide range of professionals, including policymakers, businesses and researchers, who are keen to explore and understand Vietnam’s developments, including its contribution to the Rising Era vision.

The 2024 Vietnam Policy and Economic Update Conference was held at the Australian National University (ANU) in Canberra, aiming to provide a comprehensive introduction to Vietnam’s recent policies and progress as well as Australia’s interest in Vietnam’s transformation.

More than 150 participants, including policymakers, business representatives, researchers, academics and Vietnam enthusiasts, attended the conference hosted by the Australian National University and sponsored by the Australian Department of Foreign Affairs and Trade (DFAT).

Robin Moody, Director of the Southeast Asia Department of the Ministry of Foreign Affairs and Trade and former Australian Ambassador to Vietnam, emphasized that Vietnam plays an important role in the economic development of Southeast Asia. She emphasized the two countries’ shared vision for regional peace, stability and prosperity, and stressed that Vietnam-Australia relations have continued to develop in various fields.

In this context, Moody’s emphasizes the importance of Australia keeping abreast of Vietnam’s new policies. She said that this is not only an opportunity to share information and knowledge, but also an opportunity for experts and scholars to expand their personal networks and contribute to strengthening bilateral relations.

Vietnam’s Ambassador to Australia Pham Hung Tam shared an update on some of Vietnam’s key achievements in 2024, including projected GDP growth of 6.1%, foreign investment exceeding US$27 billion and international tourist arrivals of nearly 16 million to date.

Ambassador Tam also discussed the Vietnam Rise Era Vision recently announced by General Secretary of the Communist Party of Vietnam Central Committee Tao Lam, which aims to lead Vietnam towards prosperity and resilience. He expressed confidence that Australia’s engagement with Vietnam’s changing policies would foster mutual understanding and strengthen the growing partnership between the two countries.

During the meeting, experts from the Australian National University, Indiana University in the United States, and Vietnam University of National Economics expressed their insights on the latest developments in Vietnam’s governance structure, policies, and economic reforms. They also analyzed the impact of these changes on various areas such as the stock market, price regulation, environment, public health, renewable energy, and Vietnam’s strategy to escape the middle-income trap.

It is worth noting that Professor Tran Ngoc Anh, a Vietnamese-American economist at Indiana University, proposed the seven strategic directions recently proposed by General Secretary Tao Lin to promote Vietnam into an era of rise. His speech aroused great interest among the attendees.

Professor Ngoc Ying said that Australia regards Vietnam as a strategic partner in politics, security, economy and other fields. He emphasized Australia’s long-term support for Vietnam and its sincere interest in helping Vietnam achieve its ambitious goals:

“Australia wants to understand the core content of this agreement [rising era] vision, how Vietnam plans to achieve this and what needs to be done. From the Australian side, I believe they sincerely want to support Vietnam’s success and are eager to find ways to contribute to Vietnam’s goals in the new era.

Professor Suiwah Leung from the Australian National University is an expert on Vietnam’s economic reform Dai Mei (Reform) period, focusing on changes in Vietnam’s political landscape and its potential to promote private sector growth:

“I think the relationship between the party, government agencies and the private sector is crucial. Currently, the private sector plays an increasingly important role in Vietnam’s economy and is increasingly integrated into the global economy. The interaction between these three elements is is important because the party and government institutions need to promote the development of the private sector. Therefore, I am particularly interested in how the party (the roots) and the government (the trunk) create the conditions for the private sector (the leaves) to flourish.

Professor Paul Burke, an expert on Southeast Asia’s energy transition, expressed interest in Vietnam’s ongoing reforms and their potential to stimulate development. Burke pointed out that detailed plans for transformative breakthroughs are still being formulated, while praising Vietnam’s huge development potential:

“This is an exciting time for Vietnam as it implements recommendations to restructure some ministries and improve economic performance. While more details are needed on how these plans will strengthen the economy, it is clear that this moment provides a great opportunity for Vietnam to brings significant opportunities. I am particularly interested in the role of clean energy in Vietnam’s economy. Vietnam has great potential in this area, as well as in areas such as education, healthcare and technology. Although more information is needed, there is no denying that Vietnam is strong. Growth potential.