Expert calls Vietnam "an ideal economic partner" for Australia
(VOVWORLD) - Vietnam has had great success in controlling the COVID-19 pandemic and represents an ideal economic partner for Australia, said Dr. Jeffrey Wilson, Research Director at the Perth USAsia Centre, in an article published by the Australian Institute of International Affairs on Tuesday.
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Wilson said the Australian economy now faces the most adverse external economic environment in more than a generation. Trade and investment flows, two of Australia’s key economic drivers, will shrink dramatically in 2020 and 2021. Indonesia, Vietnam, and India are attractive partners for diversifying Australia’s economic relationships, he said.
Wilson said Vietnam has complementary economic needs, a stable business environment, and a high-growth economy driven by youthful demographics and rapid urbanization and industrialization. However, Vietnam presently accounts for only 1.7% of Australia’s two-way trade, which leaves considerable room for growth.