Following my meeting with the Minister of Industry and Trade Vu Huy Hoang and Minister of Planning and Investment Bui Quang Vinh in Hanoi I announced a new package of Australian assistance for Vietnam’s economic reforms.
Australia will provide up to $2.5 million to Vietnam through the Restructuring for a More Competitive Vietnam initiative. Our support will progress investment reform, rural sector restructuring and competition policy. These reforms will help Vietnam meet its commitments under its regional and international trade agreements, and lift Vietnam’s economic competitiveness to boost its regional and global trade.
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 our region, creating greater trade and investment opportunities.
The Restructuring for a More Competitive Vietnam initiative builds on the successes of the Beyond WTO Program. This program has provided over $9 million in Australian support to help Vietnam gain maximum benefit from its accession to the World Trade Organisation in 2007.
Bilateral trade between Australia and Vietnam was estimated at $7 billion and investment at $1.5 billion last financial year.
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