Vietnam’s dragon fruits are exported to Australia (Photo: cafef.vn) Hanoi (VNA) - Australia will cut 90 percentof import tariff lines in 2018 and 100 percent of them in 2020 under theASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) roadmap, said theMinistry of Industry and Trade (MoIT).
Pham Tuan Anh, deputy head of the Ministry ofFinance’s Department of International Cooperation, said this was agood opportunity for Vietnamese businesses to promote the export of goods tothe Australian market when those import tariff lines reduce to zero percent.
Vietnam has had many advantages in exporting agricultural products, consumergoods, textiles, footwear and wood products to Australia. These groups areeligible for many tariff preferences under AANZFTA.
Australia is now the eighth largest exporter to Vietnam, while Vietnam is the14th largest exporter to Australia, according to the MoIT.
Australia is a potential export market for Vietnamese goods, especiallyseafood as its consumption in that country has increased rapidly to some onemillion tonne per year.
The domestic output of seafood has reached 220,000tonnes, so Australia needs to import more than 700,000 tonnes of seafood everyyear. Meanwhile, Vietnam is the third largest exporter of seafood in the world,after China and Thailand.
Moreover, Australian consumers like Vietnamese seafood due to itsreasonable pricing and the good taste of Vietnamese freshwater fish.
Vietnam’s cashew is also a promising commodity for Australian consumers. Vietnamis the largest exporter of cashew nuts to Australia, accounting for some 74 percentof cashew exports to the nation.
Some items such as wood and wood products, bags, suitcases, textiles, machineryand equipment are also considered potential commodities in the Australianmarket.
According to the MoIT, Vietnamese goods have appeared in a small volume insupermarkets in Australia, reflecting the great potential of the Vietnameseexport goods as well as Australia’s high import demand.
However, it is difficult for the Vietnamese goods to join Australia’s retaildistribution system directly, the MoIT said, because at present, Vietnameseenterprises do not have professional knowledge of the retail system, includingmeasures on approaching the system as well as regulations on food hygiene andsafety and technical standards. They have forgotten how to introduce andadvertise Vietnamese products in supermarkets.
To provide the necessary information about the Australian distribution systemto Vietnamese companies, the Vietnam Trade Office in Australia has introducedto local businesses the list of large retail groups in Australia with an annualrevenue of 1 billion AUD (782 million USD) and their basic activities to helpthem market their products directly to the Australian distribution chain.
The retailers include Coles, Woolworths, Aldi, Woolworths Limited, WesfarmersLimited, Harvey Norman Holdings Ltd, Metcash Limited and IGA. Currently, Vietnam’sfood stalls are present at the Coles supermarket chain, paving the way for moreVietnamese goods to reach Australian consumers.
According to the MoIT, after more than six years of implementation of AANZFTA,the trade value between Vietnam and Australia is increasing by an average of 5 percentevery year.
The General Department of Customs said in 2017,the bilateral trade value between Vietnam and Australia reached more than 6.46billion USD, a year-on-year growth of 22.9 percent.
Vietnam’s exports to Australia reached 3.23 billion USD, up 12.5 percent over2016, while its import value from Australia stood at over 3.17 billion USD, up29.7 percent against 2016. Vietnam gained a trade surplus of 480 million USD withAustralia.
The bilateral trade value between the two countries in 2016 rose 6.5 percentyear-on-year. - VNA
Pham Tuan Anh, deputy head of the Ministry ofFinance’s Department of International Cooperation, said this was agood opportunity for Vietnamese businesses to promote the export of goods tothe Australian market when those import tariff lines reduce to zero percent.
Vietnam has had many advantages in exporting agricultural products, consumergoods, textiles, footwear and wood products to Australia. These groups areeligible for many tariff preferences under AANZFTA.
Australia is now the eighth largest exporter to Vietnam, while Vietnam is the14th largest exporter to Australia, according to the MoIT.
Australia is a potential export market for Vietnamese goods, especiallyseafood as its consumption in that country has increased rapidly to some onemillion tonne per year.
The domestic output of seafood has reached 220,000tonnes, so Australia needs to import more than 700,000 tonnes of seafood everyyear. Meanwhile, Vietnam is the third largest exporter of seafood in the world,after China and Thailand.
Moreover, Australian consumers like Vietnamese seafood due to itsreasonable pricing and the good taste of Vietnamese freshwater fish.
Vietnam’s cashew is also a promising commodity for Australian consumers. Vietnamis the largest exporter of cashew nuts to Australia, accounting for some 74 percentof cashew exports to the nation.
Some items such as wood and wood products, bags, suitcases, textiles, machineryand equipment are also considered potential commodities in the Australianmarket.
According to the MoIT, Vietnamese goods have appeared in a small volume insupermarkets in Australia, reflecting the great potential of the Vietnameseexport goods as well as Australia’s high import demand.
However, it is difficult for the Vietnamese goods to join Australia’s retaildistribution system directly, the MoIT said, because at present, Vietnameseenterprises do not have professional knowledge of the retail system, includingmeasures on approaching the system as well as regulations on food hygiene andsafety and technical standards. They have forgotten how to introduce andadvertise Vietnamese products in supermarkets.
To provide the necessary information about the Australian distribution systemto Vietnamese companies, the Vietnam Trade Office in Australia has introducedto local businesses the list of large retail groups in Australia with an annualrevenue of 1 billion AUD (782 million USD) and their basic activities to helpthem market their products directly to the Australian distribution chain.
The retailers include Coles, Woolworths, Aldi, Woolworths Limited, WesfarmersLimited, Harvey Norman Holdings Ltd, Metcash Limited and IGA. Currently, Vietnam’sfood stalls are present at the Coles supermarket chain, paving the way for moreVietnamese goods to reach Australian consumers.
According to the MoIT, after more than six years of implementation of AANZFTA,the trade value between Vietnam and Australia is increasing by an average of 5 percentevery year.
The General Department of Customs said in 2017,the bilateral trade value between Vietnam and Australia reached more than 6.46billion USD, a year-on-year growth of 22.9 percent.
Vietnam’s exports to Australia reached 3.23 billion USD, up 12.5 percent over2016, while its import value from Australia stood at over 3.17 billion USD, up29.7 percent against 2016. Vietnam gained a trade surplus of 480 million USD withAustralia.
The bilateral trade value between the two countries in 2016 rose 6.5 percentyear-on-year. - VNA
VNA
