Melbourne, Mar 7 (AP) Australian and Vietnamese prime ministers on Thursday discussed ways of improving an already booming economic relationship, as part of Australia's strategy to diversify trade away from China.

Vietnamese Pham Minh Chinh's official state visit came after he attended a summit of Southeast Asian leaders this week co-chaired by his Australian counterpart Anthony Albanese and Laotian Prime Minister Sonexay Siphandone.

Also Read | South Africa Urges ICJ to Order Additional Emergency Measures Against Israel over Gaza ‘Famine’.

The Vietnam bilateral relationship has proved a success in Australia's hedge against Chinese economic moves.

Australia says China's official and unofficial trade barriers have cost Australian exporters up to 20 billion Australian dollars (USD 13 billion) a year since 2020, though those steps have been relaxed gradually since Albanese's government came to power in 2022.

Also Read | Red Sea Crisis: Houthi Missile Attack Kills 3 Crew Members in Yemen Rebels’ First Fatal Assault on Shipping.

Albanese said trade between Australia and Vietnam had increased 75 per cent in two years to USD 25.7 billion in 2022, the most recent year for which data was available. Vietnam had become Australia's 12th-largest trading partner.

“Prime Minister Chinh and I discussed our shared determination to grow our trade and investment links to support both our countries' economic prosperity,” Albanese told reporters.

The leaders agreed to elevate the bilateral relationship to a comprehensive strategic partnership which Chinh said was the highest level of cooperation Vietnam enjoyed with any country.

The improved relationship was the result of increasing political trust and diplomatic cooperation, Chinh said. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)