Critical Minerals: Australia-Vietnam Relations Enter “New Era”

by | 7. Mar 2024 - 10:12 | Politics

The two countries conclude a Comprehensive Strategic Partnership. Will hold an annual dialogue on energy and minerals.

Australian Prime Minister Anthony Albanese and the Prime Minister of Vietnam, Pham Minh Chính, announced lifting the relations between the two countries to a Comprehensive Strategic Partnership, according to a joint statement. Albanese called the upgrade a “new era for Australia-Vietnam relations,” adding that the two countries share similar goals in sustainability, trade, defense, and other fields. As part of the Comprehensive Strategic Partnership, Vietnam and Australia will hold an annual ministerial dialogue on energy and minerals to increase cooperation in the sectors, including raw material supply chains.

The two countries are home to large resources of critical minerals needed for advanced technologies and renewable energies, for example. Australia is a significant lithium and copper producer and a major rare earth player. Conversely, Vietnam has set the target of reaching two million tons of rare earth production annually by 2030. To achieve this ambitious goal, the country seeks foreign investment and expertise. Two Australian rare earth companies have already signed agreements with Vietnamese partners, and the new elevated partnership could further boost collaboration between the two countries.

Photo: iStock/Oleksii Liskonih

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