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Vietnam And Australia Explore New Bilateral Agreements

by Mary Swire, Tax-News.com, Hong Kong

13 October 2008

Vietnamese Prime Minister, Nguyen Tan Dung has met with his Australian counterpart Kevin Rudd this week in order to discuss ways of speeding up negotiations surrounding trade, investment, and technology cooperation.

Vietnam and Australia established a diplomatic relationship in February 1973. Australia is currently the 7th largest trade partner and ranks fourth amongst Vietnam's export markets, with two-way trade turnover steadily increasing year on year, from USD32.3m in 1990 to USD4.56bn in 2007, and USD3.6bn for the first seven months of 2008.

Australia has 174 projects in Vietnam with total investment capital of USD1.01bn, ranking 17th out of 81 countries and territories investing in Vietnam.

Australia pledged to grant Vietnam USD100m of ODA in 2008-09, an increase of 10% over the fiscal year of 2007-2008.

Education cooperation is one of the two countries’ key priorities. It is estimated that there have been 10,000 Vietnamese students and post-graduates taking courses in Australia, however Vietnam and Australia have inked many other cooperation documents, including:

  • Agreements on trade and economic cooperation;
  • Agreements on mutual investment promotion and protection;
  • Agreements on double taxation and income tax fraudulence avoidance;
  • Additional inter-Government agreement on commodity supply;
  • Agreements on aviation services, and
  • Consular Agreements.

Additionally, several other memoranda of understanding on science and technology, development, intellectual property, legal assistance, transport, and a legislative partnership, have been put in place between the two countries.

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