Addressing a ceremony marking the first anniversary of Australia’s Southeast Asia Economic Strategy to 2040,  held in Vientiane on October 11, on the sidelines of the 44th and 45th ASEAN Summits and related meetings, Prime Minister Pham Minh Chinh has commended the strategy of Australia, stressing that ASEAN’s development cannot be achieved without Australia’s active contributions, particularly from private businesses, according to a report from the Vietnam News Agency.

The Vietnamese PM suggested Australia develop balanced trade and invest in infrastructure connectivity and logistics projects, expand cooperation in both traditional and emerging fields such as digital economy, green economy, and innovation.

He proposed that Australia broaden collaboration in education-training, labor, and youth partnerships to bring new breakthroughs in ASEAN-Australia economic ties in the coming years, in line with the ASEAN-Australia Comprehensive Strategic Partnership established in 2021.

In his speech, Australian PM Anthony Albanese highlighted Australia's significant strides in the region over the past year, including the dispatch of 220 business delegations to explore investment opportunities and the establishment of an investment support fund of AUD2 billion. This has resulted in a more than AUD1 billion increase in foreign direct investment in Southeast Asia, bolstered by the opening of three new investment promotion centers in Ho Chi Minh City, Jakarta, and Singapore.

Furthermore, Australia has awarded 130 scholarships to the region, launched a support package of AUD22.5 million  for the Mekong sub-region, and extended visa duration for ASEAN businesses from three to five years, according to the Australian PM.