Australia and the UK on Wednesday signed an agreement to support Vietnam with US$16.4 million towards maximizing the benefits of trade liberalization, including its commitments to the World Trade Organization.

The project will focus on several areas including strengthening institutions of market economy, like state-owned businesses reform and land management, and helping the rural sector adjust to the impact of economic integration, it said.

The Australian Aid Program committed AU$12 million ($10.9 million) to the plan, and the UK Department for International Development contributed ₤3.4 million ($5.5 million).

The first phase of the program, named “Maintaining Sustainable Development and Poverty Reduction Gains through WTO Commitment Implementation” was also supported by the two organizations with around $15 million.

The project has helped Vietnam develop its Government Action Plan that aims to apply 12 major policy initiatives. It also helped identify measures to maximize the benefits of WTO accession and ensure that these could be shared by the poor, a press release said.

Vietnam joined WTO in November 2006.

Source: Thanh Nien