Why ASEAN - Vietnam
According to Austrade, the GDP combination of SEA in 2016 is US$2.5 trillion, which accounts for 3.4 per cent of the world’s GDP. With the annual average GDP growth of 4.6 per cent in SEA countries, it is predicted that it would become the equivalent of the world’s fourth largest economy by the year 2030.
- $101 billion in two-way trade with ASEAN as a group in 2016–17, greater than with the US and Japan.
- $224 billion in two-way investment in 2016 including A$97.5 billion Australia's investment in ASEAN-10 & A$126.9 billion ASEAN-10's investment in Australia — greater than China, Germany or New Zealand.
- 5 of our top 15 export markets were ASEAN countries in 2016–17.
- 12,000+ Australian businesses export to ASEAN.
- Education-related travel was Australia's largest export to ASEAN as a group in 2016–17.
- 11% of Australia's exports went to ASEAN in 2016–17.
- 16% of Australia's imports came from ASEAN in 2016–17.
- Total two-way trade 2016: A$10.5 billion including A$8.3 billion trade in goods and A$2.2 billion trade in services.
- Australia investment in Vietnam: A$2.6 billion (2016) & Vietnam investment in Australia: A$727 million (2016).
- GDP growth: 6.2%(2016).
- Ease of doing business: 82 of 190 (2017).
- Free Trade Agreements: AANZFTA, RCEP, CPTPP.
- Vietnam has labour intensity and cost-competitive labour force with the average 60 per cent of people under 35 years old.
- Vietnam will remain as strong as the world’s fastest growing economies over the upcoming decades, and one of Asia’s idealist place for businesses and investment destinations, according to Asialink Business.