Vietnam and Australia are both members of CPTPP, which is believed to help promote bilateral trade, investment and cooperation (Photo: VNA) Hanoi (VNA) - Vietnamese enterprises need to take advantage of tariffreductions under the Comprehensive and Progressive Agreement for Trans PacificPartnership (CPTPP) to increase exports to Australia.
Nguyen Thi Thu Trang, Director of the WTO Integration Centre under the Vietnam Chamberof Commerce and Industry (VCCI), made the statement at a conference on “Australia’smarket potential from the CPTPP perspectives” in Hanoi on April 12.
According to the centre, Australia is one of the 20 largest economies in theworld, with outstanding potential in science and technology, mineralexploitation, high-quality services and agricultural products.
Australia is also a market with high purchasing power and stability. Vietnamand Australia are both members of CPTPP, which will help promote trade andexpand the scale of investment and cooperation between the two sides in thefuture.
Although each side had its own potential, strengths and a variety ofcommodities, the value of Vietnam's exports to Australia was still modest, shesaid, adding that the main products shipped from Vietnam to Australia werefootwear and cashew nuts. Vietnam could also strengthen cooperation withAustralia by increasing imports, including technologies that Australia hasadvantages in as well as consultation services.
When exporting to Australia, Vietnamese enterprises needed to understand themarket trend, consumer tastes and regulations on food safety and origins tomeet the requirements of importers, said Phung Thi Lan Phuong, head of the FTADivision of the WTO and Integration Centre of the VCCI.
It is worth noting that Australian is one of the most fastidious importers inthe world, Phuong said. The room for exporting Vietnamese products is stillvast but not for all types of products. Consumer numbers are also smaller thanother traditional export markets, she noted.
Vietnamese enterprises needed to study carefully to penetrate the market byfocusing on agricultural products such as dragon fruit, mango and key exportproducts such as textiles, computers, wooden furniture and telephones, shesaid.
Dinh Thi My Loan, Chairwoman of the Vietnam Retailers Association, stressed thestrong competition in the import and retail areas in Australia, whilesuggesting Vietnamese firms building long-term business strategies which focuson product introduction and branding, trust creation and relationships toapproach Australia's retail system.
The quality of goods is still inadequate compared to competitors such as China,Thailand, Malaysia and Indonesia.
In order to stand firm in the Australian market, Vietnamese enterprises mustregard quality as the top priority rather than focusing on quantity and price,Loan said. - VNA
VNA
