The agreement was reached during talks on April 11 between Australian Deputy Prime Minister Wayne Swan and his visiting Vietnamese counterpart Nguyen Xuan Phuc.
They noted with satisfaction the fine developments of the Vietnam-Australia comprehensive partnership in all areas, from politics-diplomacy, national defence-security to economics, trade, investment, education-training, culture and tourism.
They vowed to realise the Vietnam-Australia action program for the 2010-2013 period on schedule and successfully organise the 40th anniversary of diplomatic ties in 2013.
Both sides shared the view that two-way trade value has increased annually in recent years, reaching US$4.6 billion in 2011, up 12 percent over 2010.
They agreed to facilitate trade and investment promotions and create favourable conditions for their businesses to establish partnerships in the areas of energy, mining, processing industry and services.
Australia will work closely with Vietnam to increase economic and trade cooperation on a par with their political ties and development potential, said Swan, who is also Treasurer of Australia.
Swan and Phuc welcomed positive developments in national defence and security cooperation, and the signing of an agreement on the extradition of criminals and a memorandum of understanding between the Ministry of Justice of Vietnam and the Attorney-General Department of Australia.
Australia will consider Vietnam’s proposal concerning the opening of a direct air route between Sydney and Hanoi to develop tourism, said Swan.
The two leaders also agreed to boost bilateral cooperation in health care, culture, labour, and human resource development.
They held that both countries will cooperate closely at multilateral cooperation forums and support their bids to join regional and international organisations, including United Nations agencies.
Swan confirmed that Australia will continue working closely with Vietnam in negotiations of the Trans-Pacific Partnership (TPP) agreement.
Both sides placed high importance to ensuring peace, stability, security, safety and freedom of maritime activities in the East Sea, and held that all disputes between concerned parties should be resolved through peaceful means in respect for international laws, especially the 1982 UN Convention on the Law of the Sea (UNCLOS).
The same day, Deputy Minister of Science and technology Tran Viet Thanh held a working session with leaders of the Department of Innovation, Industry, Science and Research.
They committed to completing negotiations to sign an agreement on sci-tech cooperation in the first half of this year.
Deputy PM Nguyen Xuan Phuc began a five-day visit to Australia on April 9 at the invitation of Australian Deputy Prime Minister and Treasurer Wayne Swan.