The two leaders are in Phnom Penh for the East Asia and ASEAN summits, and met for 40 minutes on the final day.
Mr Albanese also had a friendly, informal chat with Chinese Premier Li Keqiang during a gala dinner on Saturday night but the question remains whether he will meet President Xi Jinping.
If he secures the catch-up, it will be the first time in six years Mr Xi has had a formal meeting with an Australian leader.
In his closing remarks to the East Asia summit on Sunday, Mr Albanese thanked Cambodian Prime Minister Hun Sen and reiterated Australia's commitment to ensuring a stable and peaceful region.
Australia also strengthened a free trade agreement with ASEAN and New Zealand.
The upgrade of the agreement will allow Australian businesses to expand engagements with Southeast Asia and encourage more co-operation in tackling climate change and creating renewable energy.
"Strengthening trade agreements with ASEAN and New Zealand will mean better outcomes for Australian business and Australian families," Mr Albanese said.
"Today we open an ambitious new chapter for the growing economic relationships between ASEAN, Australia and New Zealand, in line with my government's commitment to deepening engagement in Southeast Asia."
Mr Albanese said he was waiting for the finalisation of a meeting with Mr Xi and he looks forward to having a constructive dialogue.
"I think there is a great deal of goodwill here, certainly from Australia," he said.
"I have no reason to think there's not goodwill on the Chinese side as well."
The prime minister will later tour an exhibition in Phnom Penh with other world leaders.
"This is a chance for us to build relationships in our region so early in the term of the new government," he said.
"I'm very pleased that it's so constructive and the dialogue is so positive."
Mr Albanese will spend the night in Phnom Penh before he travels to Bali for the G20 summit.
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