Liberalisation, market opening and social policies have led to significant economic growth, development progress and poverty reduction. Since 1993, the economy has grown over five per cent each year. A growth domestic product (GDP) per capita of US$1911 in 2013 and the poverty rate decreased to 17 per cent in 2012.
Economic reforms culminated in WTO accession in 2007, which has further boosted international trade and foreign investment and trade has increased strongly in both directions. Vietnamese export figures have been growing at double-digit rates for several years, reaching US$132 billion in 2013. Trade flows from Australia to Vietnam started decreasing in 2012 for the first time in 10 years, from US$2.1 billion in 2011 to US$1.6 billion in 2013. Goods worth US$3.5 billion were imported into Australia from Vietnam in 2013.
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Why ASEAN and why now?
Why ASEAN and why now? Insights for Australian Business. A joint Austrade-DFAT publication examining Australia’s trade relationship with the Association of Southeast Asian Nations (ASEAN), the opportunities and challenges for Australian business engaging with the region and the future of the Australia-ASEAN trade relationship.
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