Vietnam’s Communist Party chief and president, To Lam, has arrived for his first state visit to Australia since becoming party chief in late 2024. To Lam has come to diversify: to broaden Vietnam’s portfolio of partners, identify where Australia offers leverage others cannot and convert a cordial relationship into concrete opportunities. For Vietnam, Australia is a stable market and a source of energy, education, critical minerals, agricultural expertise and technology. For Australia, Vietnam is one of Southeast Asia’s most consequential states: economically exposed, uneasy about coercion and determined to preserve room for independent action. Both Australia and Vietnam have an interest in stability, freedom of navigation and respect for international law.