Vietnam`s share is $8 billion, or 10% of Australia`s ASEAN trade. The results indicate that there is a strong market for sustainable urbanization services in Vietnam, as it is a rapidly growing economy with a growth rate of 86 million people, with a growth rate of 7.5 to 8% per year, where infrastructure development has been identified as a priority sector at the national level. , which encourages both investment and external expertise. In response to the economic slowdown, the government has put in place a series of measures aimed at easing monetary policy and reviving the economy. This included a 4% subsidy for commercial loans. However, the government`s ability to provide a large fiscal stimulus to the economy has been limited by a large trade deficit and a weak foreign exchange reserve. Australia and Vietnam are contracting parties to the ASEAN-Australia-New Zealand FREE Trade Agreement, which came into force on January 1, 2010. Vietnam ratified the agreement on 24 June 2009. Contains general information, updated economic indicators, Australia`s trade and investment relations with Vietnam and their global trade relations, which are updated twice a year.
The key to economic growth is the recently signed ASEAN-New Zealand Free Trade Agreement (AANZFTA), in which Vietnam commits to a series of liberalisation reforms, including the abolition of tariffs on 29% of customs lines by 2010 and nearly 90% by 2025. It also includes commitments to develop regional rules of origin and improve the entry and exit conditions for businesses, as well as an improved investment protection system, which is an important instrument to facilitate trade and investment between the members of the agreement, including between Australia and Vietnam. Vietnam fought a long and devastating war with America and a short and lively war with China. Four decades later, the country is the world`s biggest gainer, with trade moving in the face of the escalating economic war between Washington and Beijing. While Australian soldiers once fought to stem the spread of communism, Vietnamese communist leaders are now seeking Australia`s diplomatic support to retaliate against their pre-existing neighbour in China. And for Australia, Vietnam is an important player, as Canberra seeks partners to worry about China`s emerging power. A digital report on Australia`s trade and investment relations with ASEAN. Australia – Vietnam Trade International Trade, exports of goods and services now account for about 70% of Vietnam`s GDP, up from 30% in the mid-1990s.
The agreements are expected to allow Vietnamese exports, including agricultural products, textiles, clothing and footwear, to enter the australian and New Zealand markets. They will also facilitate the flow of investment from both ocean countries to Vietnam, VietnamNet writes.