Vietnam has emerged as a major winner from the trade ructions between China and western democracies.
The country has just reported a 7.4 percent rise in Gross Domestic Product in the third quarter of 2024, despite the devastation of Typhoon Yagi in September.
The OECD’s 2023 overview of Vietnam’s economy described the country’s economic progress in recent decades as “remarkable”.
The OECD report said extensive and continued reforms since the late 1980s had been key to this economic success.
Despite this, the country had significant challenges ahead, including an aging population and the need to upgrade worker skills.
The Australia Department of Foreign Affairs and Trade latest Vietnam Country Brief said Australia’s two-way trade with Vietnam grew from $14.7 billion to $25.7 billion between 2020 and 2022-23.
This was an increase of 75 percent.
“Vietnam’s strong economic growth, a shift towards a more market-based economy, and expanding middle-class have increased demand for imported goods,” the brief said.
“This creates significant opportunities for Australian exporters of energy, dairy, meat, consumer goods, wheat and grains, cotton and wool, machinery, and professional services.”
The same trends had increased Vietnam’s demand for education and training services.
In March this year, Australia and Vietnam signed a strategic partnership agreement to enhance relations between the two countries.
