Ever-increasing Vietnam-Australia Relationship
From May 4-7, 2005, Prime Minister Phan Van Khai paid an official visit to Australia at the invitation of Prime Minister John Howard. It was the second visit of the Head of the Government of Vietnam to Australia to develop the traditional relations between the two countries.
Australia has long been an important partner of Vietnam. With great potentials in resources and markets the two countries have successfully developed economic co-operation. Australia has not only increased investment in Vietnam but also support Vietnam in the economic integration including WTO membership. The visit of Prime Minister Phan Van Khai is regarded as a boost to the bilateral relations.
32 years after the establishment of diplomatic relations (1973-2005), the two countries have developed relations in all fields : culture, trade, investment, etc. Australia ranks 7th in trade and 4th in import from Vietnam after the US, Japan and China. Vietnam exports to Australia crude oil, sea products, cashew-nut, coffee, handicraft products, garment, footwear, plastic products, and imports from Australia ships, machines, electric equipment, metals, animal feed, medicines, chemicals etc. The two-way trade value increased from US$32 million in 1990 to US$1.7 billion in 2003 and nearly US$2.3 billion in 2004.
Remarkable progresses have also been recorded in other fields such as telecommunication, banking, finance, law, transport and tourism. Since 2000, tourism has been developed with a growth rate of 34 per cent a year. In 2004, over 128,000 Australian tourists visited Vietnam.
By the end of 2004, Australia had 106 investment projects in 21 provinces and cities of Vietnam with a total investment of US$464 million, ranking 16th among countries and territories investing in Vietnam. The Australian projects focus on construction, industry, processing, telecommunication, financial-accounting, manufacturing, education and training.
Australia has also provided development assistance to the tune of US$350 million in 1991-2003, nearly US$50 million in 2003-2004 and US$51 million in 2004-2005. ODA projects have also contributed to the poverty reduction programme and socio-economic development in Vietnam
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