Last updated: 16:4 - March 3, 2007
Australian businesses interested in Vietnam's market http://www.nhandan.com.vn/english/business/030307/business_a.htm
An Australian diplomat affirmed that Australian businesses are showing significant interested in investing in Vietnam, while hoping that Australia will become one of Vietnam 's biggest trade partners after its official entry into the WTO.
Michael Growder, first secretary for economic and trade policy-Australian Embassy in Vietnam, made the comment at the Business Seminar, Vietnam's WTO Accession: A Look Inside the Commitments Package, held by the Australian Chamber of Commerce (Auscham) in Hanoi on February 28.
A considerable number of Australian businesses are looking forward to invest in the Vietnamese market, Growder said, not only because of its high economic growth, benefit of the the successful Doi Moi process and high-ranking regional trade position, but also for the two countries' benefits.
He also appreciated the "practical and longterm" bilateral relations between the two countries.
Auscham reported that they have over 300 members throughout Vietnam , working in many areas such as oil, insurance, finance, mining, education, and services.
Two-way trade boomed in 2006, exceeding US $6.5 billion or it has more than doubled in just four years since 2002.
Australia has a number of large projects in Vietnam , including those invested in by BluScope Steel and Vinausteel in the north and the south, the ANZ Bank and the QBE Insurance in Hanoi and Ho Chi Minh City , RMIT University and the University of Queensland English Language Institute in Da Nang .
"This rightly reflects the deep bilateral relations between our countries", the diplomat said.
Australia entered Vietnam's market in the early 1990s. Vietnam is a competitive producer of intense laboured manufactured goods, services (such as tourism) and agricultural products (such as seafood, cashew and coffee). Australia , by contrast, is competitive in other areas, such as broad-acre agriculture (wheat, wool, beef, and sugar), mineral products (gold, copper, and aluminium) and a wide range of key-service industries (education, finance, telecommunications, professional services, and mining services). "Perhaps the biggest reason is the complementary nature of our two economies," Growder said.
He said that over the last 20 years, Vietnam has shown its ability to rapidly develop its economy, while remaining politically stable, while progressively pushing afterward its diplomatic position in the international arena. The transition of the Vietnamese economy from a planned economy to a market one has made Vietnam become one of the the biggest economies in the region.
"Vietnam is going to keep improving, its transparent market will help attract more investors," Growner said.
The Australian diplomat expressed belief in the bright prospects for trade between Vietnam and Australia for 2007. Growth in trade is likely to continue expanding over the medium term, particularly as the Vietnamese market continues to open, and Vietnamese businesses become more used to the global commercial environment, he elaborated. (VNA)
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