Prime Minister Anthony Albanese says he wants Vietnam to become of Australia's "top tier" partners as he wraps up a two-day visit to the capital Hanoi.

Mr Albanese held meetings with all four main political leaders in the South-East Asian country after laying a wreath at the mausoleum of Vietnam's revolutionary founding leader, Ho Chi Minh.

Both countries are trying to finalise a Comprehensive Strategic Partnership by the end of this year, in a move that Mr Albanese said would "signal the trust that we have in each other as top-tier partners and enduring friends".

The two countries signed a raft of agreements, including a $105 million package to help Vietnam decarbonise its economy, as well as pacts to share intelligence on money laundering and establish a regular trade ministers' meeting.

They also celebrated two new air routes linking Melbourne and Hanoi and Brisbane to Ho Chi Minh City.

Mr Albanese was given an elaborate welcome at the President's palace in Hanoi, where he was greeted by a full military guard of honour and dozens of young children waving Australian and Vietnamese flags.

Flag waving Vietnamese officials were also dotted along the government compound road which Mr Albanese walked down with Vietnam's prime minister Pham Minh Chinh on the way to their official meeting.

After the meeting, Mr Pham praised the relationship warmly, saying Vietnam was "keen to enter a new chapter of strategic collaboration and elevate the friendship with Australia to a higher level".

He also said both countries had "reaffirmed the importance of ensuring peace, stability, security, safety, freedom of navigation and overflight in the East Sea or South China Sea".

Vietnam's coast guard vessels have had several tense confrontations with Chinese vessels in waters claimed by both countries in the South China Sea, and Vietnam shares Australia's concerns about Beijing's moves to exert control over the entire region.

But the country's communist ruling party still maintains strong links with China's government, and remains wary of provoking Beijing.

Mr Albanese did not go into details about his discussions with Mr Pham on the issue, but said the two men "discussed our shared vision of an open, stable, secure, prosperous and resilient Indo-Pacific that is respectful of national sovereignty".

Vietnam has also been pressing the federal government to relax restrictions on the number of Vietnamese workers allowed to come into Australia to help deal with skills shortages.

Mr Albanese seemed open to that idea, saying he had discussed the issue with business leaders from both countries during his time in Hanoi.