Australia Supports Vietnam’s Economic Reforms

Addressing a meeting with Vietnamese Minister of Industry Vu Huy Hoang and Minister of Planning and Investment Bui Quang Vinh in Hanoi, Ms Julie Bishop announced that Australia would provide up to US$2.5 million to Vietnam through the restructuring for a more competitive Vietnam initiative. 

 

“Our support will hasten progress on investment reform, rural sector restructuring and competition policy. These reforms will help Vietnam meet its commitments under its regional and international trade agreements, and lift Vietnam’s economic competitiveness to boost its regional and global trade,” she said.

 

According to Ms Julie Bishop, the success of Vietnam’s current economic restructuring programme is essential for the country’s long-term economic growth and macro-economic stability. A more prosperous, competitive and open Vietnam benefits Australia and our region, creating greater trade and investment opportunities. The restructuring for a more competitive Vietnam initiative builds on the successes of the beyond WTO Programme. This programme has provided over US$9 million in Australian support to help Vietnam gain maximum benefit from its accession to the World Trade Organisation in 2007.  

Ms Julie Bishop also announced two initiatives to support the empowerment of women in Vietnam.

 

Accordingly, Australia will provides a total of US$4.2 million for two projects to be delivered in partnership with the Vietnam Women’s Union, the country’s peak organisation for advancing the rights of women and girls. Of the amount, US$2.1 million will be provided for a new agricultural research partnership project to be delivered through the Australian Centre for Agricultural Research (ACIAR). This project will deliver real improvements to women’s lives, lifting household incomes by linking farmers and traders with more lucrative markets in urban centres.

 

Ms Julie Bishop said: “Women in Vietnam play a crucial role in farming. ACIAR’s partnership will see Australian and Vietnamese researchers collaborating to improve the profitability and sustainability of smallholder vegetable farmers in the highlands of north western Vietnam. More than 2,000 women from ethnic minority and poor, smallholder farming families will benefit in Lao Cai province alone, allowing them to increase vegetable production by around US$3.4 million annually.”

Ms Julie comments that gender-based violence in Vietnam prevents women from reaching their personal and economic potential. The Australian Government will provide US$2.1 million for combating gender-based violence under the Australia’s Government Partnerships for Development program (GPFD), which provides grants to link Australian and international public sector organisations.

According to Ms Julie Bishop, these projects underline the vital link between women’s participation in a country’s economic life and the country’s overall social and economic development.