Liberalisation, market opening and social policies have led to significant economic growth, development progress and poverty reduction in Vietnam. Since 1990, the economy has grown an average six per cent per annum, second only to China (Source: World Bank, GDP growth, 2016). Gross domestic product (GDP) per capita was over US$2,111 in 2015 (Source: World Bank, GDP per capita, 2016). This makes Vietnam the fastest growing middle class in the Southeast Asian region, which is expected to rise from 12 million in 2012 to 33 million in 2020.
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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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