Australia supports Vietnam’s economic reforms

(VOV) - Australia will provide AUD2.5 million to help Vietnam progress investment reform, rural sector restructuring and competition policy.

Australian Foreign Minister Julie Bishop announced the aid package following her February 19 meeting with Minister of Industry and Trade Vu Huy Hoang and Minister of Planning and Investment Bui Quang Vinh in Hanoi.

Australian Foreign Minister J. Bishop (L) met Minister of Planning and Investment Bui Quang Vinh in Hanoi on February 19 (Photo:MPI)

These reforms will help Vietnam meet its commitments under its regional and international trade agreements, and lift the country’s economic competitiveness to boost its regional and global trade, Bishop said.

According to Bishop, the success of Vietnam’s current economic restructuring program is essential for the country’s long-term economic growth and macro-economic stability.  A more prosperous, competitive and open Vietnam benefits Australia and the region, creating greater trade and investment opportunities.

The package is sourced from the Restructuring for a More Competitive Vietnam initiative that builds on the successes of the Beyond WTO Program.  This program has provided over AUD9 million in Australian support to help Vietnam gain maximum benefit from its accession to the World Trade Organisation in 2007.  

Two-way trade between Australia and Vietnam was estimated at AUD7 billion and investment at AUD1.5 billion last year.

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