This economics report examines the international trade dynamics of Vietnam and Australia from 1985 to 2005, focusing on the relationship between trade openness and economic development. The report begins with an economic background of both countries, highlighting their key exports and economic statuses. It then explores economic globalization, trade as a measure of economic globalization, and the benefits of trade openness, also considering alternative measures. The core of the analysis involves graphical representations of trade openness trends for both countries and a correlation analysis to determine the relationship between GDP per capita and trade openness. The study concludes by discussing the factors that drive trade openness in both nations, including market demands, specialization, and government interventions, while also acknowledging external factors and tariff reductions. The report uses data from the World Bank's World Development Indicators and provides insights into the economic interplay between the two countries.
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