Ha Noi (VNA) - The Viet Nam Trade Research Institute will work with Australia's University of Wollongong on a project to study the ASEAN+3 Free Trade Agreement's impact on trade ties between Viet Nam and Australia.

Talking about the project that was signed in Ha Noi on Wednesday, Deputy Trade Minister Le Danh Vinh stated that the project aims to increase forecasting  on economic and trade growth between Southeast Asia, China, the Republic of Korea, Japan, and Viet Nam and Australia.

The project will also help concerned Vietnamese agencies develop appropriate trade policies, Vinh said.

The ASEAN+3 Free Trade Agreement was passed in 2001 and it arose as a challenge to trade and service ties between Australia and ASEAN member countries and the three North Asian countries-- China, the Republic of Korea and Japan.

Australia traded nearly 4 billion AUD with ASEAN member countries in 2001, and its trade value with Viet Nam reached 2.8 billion AUD in 2002.