Bilateral trade between Vietnam and Australia is poised to grow thanks to lower tariffs under free trade agreements, according to Vo Tan Thanh, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI).
Two-way trade between Vietnam and Australia surged by 58.9 percent year on year in the first month of 2018 to reach 595 million USD, according to statistics of the Vietnam Customs.
The fifth foreign affairs and defence strategic dialogue at the deputy ministerial level between Vietnam and Australia was organised in Canberra on September 27.
Vietnam and Australia have opportunities to advance their economic and trade ties, said Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan.
Six years after implementing the ASEAN-Australia-New Zealand Free Trade Area, trade between Vietnam and Australia has increased 4.7 percent each year on average, according to the Ministry of Industry and Trade (MoIT).
Vietnam is Australia’s fastest growing ASEAN trading partner as a result of trade deals like ASEAN Australia New Zealand FTA and proposed ones like the RCEP and TPP, HSBC has said in a recent report.
Trade between Vietnam and Australia is expected to see strong growth once the Trans-Pacific Partnership (TPP) agreement – which involves the two of them and 10 other countries – comes into effect.
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