Australian minister applauds Vietnam’s economic reforms, Vietnam Plus, 7 March 2017.

An edited extract of the original article appears below.

The results of Vietnam’s “doimoi” (reforms) have been stunning, with average annual economic growth per person at 5.5 percent since 1990, among the highest in Asia, according to Australian Minister for Trade, Tourism and Investment Steven Ciobo.

Few countries around the world better exemplify the benefits of trade and investment liberalisation than Vietnam, the minister wrote in an article published on www.dfat.gov.au last week.

Ciobo said Vietnam is now a middle-income country with a population of 90 million, noting that the country has heavily invested in education and skills, reinforcing its favourable demographics, including a median age of 30.

“With the help of partners such as Australia, it is investing in transport infrastructure that will consolidate its favourable geography, notably its proximity to the growth engines of southern China and the world’s busiest maritime trading routes,” he added…

“Vietnam is one of the largest users of ASEAN-Australia-New Zealand Free Trade Area tariff preferences for Australia, and the two countries are involved in negotiations for a Regional Comprehensive Economic Partnership, a trade agreement that would cover over 30 percent of global GDP. While the United States has withdrawn from the Trans Pacific Partnership (TPP), Australia, Vietnam and other TPP members are working to ensure the benefits of the agreement are not lost,” he added.

He stressed that the time has come for Australia to take relations with Vietnam to a new level and encouraged Australian businesses to be part of Vietnam’s remarkable growth…

 

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