AANZFTA was signed on February 27, 2009 in Thailand, marking the cooperation between all ASEAN members, including Việt Nam, and Australia and New Zealand in promoting economic and trade ties in the region.

Under the Agreement, up to 2018, ASEAN, Australia and New Zealand will abrogate at least 90% of tariff categories. They also pledged to establish a close cooperation mechanism to implement non-tariff measures.

AANZFTA is expected to be a driving force for closer and more effective economic cooperation between Việt Nam and Australia and New Zealand.