Australia’s Minister of Trade, Tourism and Investment Steven Ciobo

(VOVworld) – Australia’s Minister of Trade, Tourism and Investment Steven Ciobo has written an article on Vietnamese reforms which have resulted in significant economic growth. He said that few countries better exemplify the benefits of trade and investment liberalisation than Vietnam.
It is now three decades since Vietnam launched its doi moi reforms to facilitate the shift to a market economy. Mr. Ciobo said Vietnam is among the best placed of the emerging economies to escape the so-called "middle income trap" and follow a similar trajectory to the first Asian tigers – Singapore, Korea, and Taiwan. By mid-century, Vietnam is expected to be on the cusp of joining the world's top 20 economies.

He wrote that Australia sees tremendous potential to gain market share in agriculture, energy, financial services, education, tourism and health. The time has come for Australia to take its relationship with one of Asia's most dynamic countries to a new level. Prime Minister Malcolm Turnbull is looking forward to visiting Vietnam during its APEC host year and building a closer economic partnership between the two countries. Mr. Ciobo strongly encourages Australian businesses to explore how they too can be part of Vietnam's remarkable growth story.