In 1990 the Australian National University's Research School of Pacific Studies convened a major conference on current conditions in Vietnam, and each year since then has held a Vietnam Update Conference. This has rapidly established itself as one of the leading international conferences of its type on contemporary Vietnam.

In engaging leading scholars to explore major policy issues relating to Vietnam, the Update Conference provides an invaluable focus for academic research, with direct spin-offs for policy development processes both in Australia and Vietnam. At the same time, it serves to inform the broader Australian community of important recent events and trends in what is an increasingly significant—and rapidly changing—regional neighbour. It also provides a unique opportunity for interchange between groups with diverse backgrounds and differing perspectives. The Update Conference enables academics, business people, public servants, aid workers and others with an interest in Vietnam to engage in wideranging and thought-provoking dialogue on political, social and economic issues of concern to both Vietnam and Australia.

From the outset, the conference organisers have encouraged the participation of scholars, commentators and officials from Vietnam. Indeed, in any one year up to half of the conference participants are Vietnamese. This effort has not only maximised the quality of the discussions at the Update Conference, but also facilitated the establishment of important and productive links between Vietnamese and Australian scholars and institutions.

Vietnam Assessment: Creating a Sound Investment Climate is an important contribution to the understanding of Vietnam's development prospects. Vietnam is confronted with critical choices about its future. The papers in this volume help chart the challenges and opportunities facing Vietnam as it continues on its path of economic transformation.

In introducing this selection of papers from the 1995 Vietnam Update Conference, I am also pleased to note the inclusion of papers from the second Vietnam Economic Research Project Workshop, an initiative of the National Centre for Development Studies.