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He is the first foreign leader to be received by Thuong since he took office last month, and his visit is part of celebrations of the 50th anniversary of the establishment of bilateral diplomatic relations.
An official welcome ceremony is scheduled to be held on Tuesday.
Bilateral ties have been growing, and Vietnam and Australia became strategic partners in 2018.
Their trade was worth US$16.1 billion last year, up 30% from 2021.
Australia is Vietnam's seventh largest trading partner, and Vietnam is Australia's 10th largest partner.
Australia, with $1.97 billion, is the 20th largest investor in Vietnam out of 139 countries and territories.
The two nations cooperate in the field of security and defense. The Royal Australian Air Force has on four occasions supported Vietnam with transporting field hospitals to South Sudan for UN peacekeeping missions.
