(VOVWORLD) -Vietnam is on the rise for Australian investors, said an article published on the Australian Financial Review ahead of Prime Minister Scott Morrison’s visit to the Southeast Asian nation slated for Thursday.
 Australian logistics giant Linfox has been operating in Vietnam for 13 years. (Photo: logisticsmagazine. com.au) |
The article, by Michael Smith, said Vietnam is on track to this year keep up the GDP growth rate of over 6 percent that it has maintained since 2000.
Cheap labour, a young population, high education standards, and government policies which offer tax breaks and other incentives for international firms have seen a surge in foreign direct investment, according to the article.
The country, best known to Australians as a laid-back holidays destination, is now on the radar for big business attracted by its open investment policies, cheap labour and young workforce.
There are pros and cons, though, as the country’s infrastructure struggles to keep pace with the demands of a growing middle class, the article said.
Australia exported 5 billion AUD of goods to Vietnam in 2018, making it the 14th largest destination.