Similarities Between Australia And Vietnam

The Australian economy is a mixed economy majorly considered a laissez faire economy. Australia is a member of ASEAN(Association of South East Asian Nations) and OECD(Organisation for Economic Co-operation and Development).Vietnam is also a mixed economy governed by The Communist Party with determinations to become a developed nation by 2020. Multiple agreements have been launched between ASEAN countries including AANZFTA (ASEAN Australia New Zealand Free Trade Agreement). This essay will compare and contrast the Australian and Vietnamese economies through multiple aspects.

The Australian and Vietnamese economy are linked together through multiple free trade agreements that have been signed, the main ones being ASEAN and AANZFTA. Free Trade is not exporting and importing goods between countries for no price on the contrary it is the importing and exporting of goods between countries with limited government regulation. ASEAN; Association of South East Nations binds all Southeast Nations as well as Australia and Vietnam as one, its role being to accelerate economic growth, social progress across each nation and to “promote regional peace and stability”.

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Life expectancy between Australia(82.5) and Vietnam is 6.6 years difference (75.8 years), expected schooling years in Vietnam is 11.8 while Australia’s: 20.2 years. Moreover, median schooling years for Australia is 13 years whereas Vietnam has only 7.5 years. The Gross National income of Vietnam per capita is $5,092 as of 2011 whereas Australia’s being $42,261 evidently shows the ridge between the two countries. Australia’s and Vietnam’s economy are extremely differentiated being another reason as to why free trade agreements are signed; to bridge these gaps and stimulate higher standards of