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Wilson said the Australian economy now faces the most adverse external economic environment in more than a generation. Trade and investment flows, two of Australia’s key economic drivers, will shrink dramatically in 2020 and 2021. Indonesia, Vietnam, and India are attractive partners for diversifying Australia’s economic relationships, he said.
Wilson said Vietnam has complementary economic needs, a stable business environment, and a high-growth economy driven by youthful demographics and rapid urbanization and industrialization. However, Vietnam presently accounts for only 1.7% of Australia’s two-way trade, which leaves considerable room for growth.