Domestic exporters eye bright prospects in Australian market hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Australia is a promising market of Vietnam as the country spends 600 billion USD each year on imports.

Trade between Vietnam and Australia in recent years has risen by nearly 10 percent a year on average. Australia is the eighth biggest export partner and the 12th biggest import partner of Vietnam. Vietnam is also the 14th largest trade partner of Australia in terms of both imports and exports.

Each year, Australia imports about 1.7-2 billion USD worth of vegetables, while Vietnam imports 20 billion USD of the products.

Vietnam ships 173 million USD worth of garment and textile products to Australia, accounting for only 1.9 percent of the country’s total imports of the products.

In recent years, the number of Vietnamese products exported to Australia has increased, with the introduction of many new kinds of farm produce such as litchi, mango and dragon fruit. In 2019, Vietnamese longan will continue to be sold in Australia.

The 24 million-strong market has high food safety standards, requiring Vietnamese farms to ensure higher product quality, change their methods and choose the most suitable products.

Vietnamese tra fish is one success story. Currently, Vietnam has 98 percent of market share in Australia. After years of struggling in European and American markets, Vietnamese firms have paid much attention to developing varieties, material regions, harvesting and processing procedures, and defining market segments.

At the same time, domestic businesses have been advised to research the Australian market and learn preferential policies for Vietnamese exporters as stated in the ASEAN-Australia-New Zealand Free Trade Area.-VNA