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Australia-Vietnam: Investment Protection Agreement

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Australia-Vietnam: Investment Protection Agreement

Australia and Vietnam signed an Investment Protection Agreement today aimed at encouraging investment and trade between the two countries.

The Agreement stipulates that neither country will nationalise investments except in the public interest.

It provides for compensation when investments are nationalised and procedures for settling of commercial disputes between the two countries.

The Minister for Trade and Overseas Development, Dr Blewett, and the Vietnamese Minister of Commerce, Mr Hoang Minh Thang, signed the Agreement in Canberra at Parliament House.

The signing took place before the inaugural meeting tomorrow of the Australia-Vietnam Joint Trade and Economic Cooperation Committee.

Dr Blewett said today the Joint Meeting would review the economic relationship between the two countries.

One objective would be to identify areas of the greatest potential for mutually beneficial commercial cooperation.

"The Investment Protection Agreement reflects the firm intention of both Governments to expand this relationship," Dr Blewett said.

"The continuing process of economic liberalisation in Vietnam,, to which the Vietnamese Government is strongly committed, i-s opening up new opportunities for Australian companies," he said.

"Two-way trade has grown considerably in recent years from $6 million in 1984 to $100 million in 1989."

Dr Blewett indicated he hoped to lead a trade mission with senior Australian business people to Vietnam in the second half of this year.

Business people from Australia and Vietnam will participate in the Joint Meeting tomorrow.

QaleMT' 14

tX No. 5 March 1991


Following the. Joint Meeting, Mr Thang will visit Melbourne, Sydney and Per-th for discussions with State Ministers and businessmen"7-13 March

FOR MORE INFORMATION: Paul Grigson (06) 261 3194