Bilateral trade between Vietnam and Australia is growing strongly, reaching 1.38 billion USD in the first quarter of 2022, a surge of 32.36 percent against the same period last year, according to the General Department of Vietnam Customs.
Australia, which annually spends about 600 billion USD on imports, is a potential market for many exports of Vietnam, said Tran Ba Phuc, Chairman of the Vietnamese Business Association in Australia, at a trade promotion and connection conference held on December 21.
The Vietnam-Australia trade posted growth in 2021 despite the impact of COVID-19, Director of the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT) Le Hoang Oanh has said.
Two-way trade turnover between Vietnam and Australia topped 3.63 billion USD in the first four months of this year, a year-on-year rise of 33.85 percent, according to Vietnamese Consul General to Australia Nguyen Dang Thang.
Despite the COVID-19 pandemic’s impact on global trade, Vietnam’s exports to Australia grew 62.08 percent year-on-year in January to almost 391 million USD, data shows.
Vietnamese businesses in Australia have made significant contributions to the growth of Vietnam-Australia trade in 2020, Vietnamese Ambassador to Australia Nguyen Tat Thanh said at a ceremony to review activities of the Vietnamese Entrepreneurs Association in Sydney (VEAS) on December 5.
SunRice CEO Rob Gordon, head of Australia’s largest rice supplier, has announced that Australia is suffering a massive shortage of domestic rice supplies and would be forced to rely on imported Vietnamese rice in the lead up to Christmas 2020.
Vietnam had a trade deficit of more than 1 billion USD with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.
The Vietnam Trade Office in Australia is working to help Vietnamese longan exporters to obtain an import licence from the Australian Government as soon as possible.
Opportunities for Australian firms to invest in Vietnam have never been better than now when the Southeast Asian economy is growing rapidly, said participants at a Vietnam-Australia business dialogue held in Sydney on July 22.
Vietnamese enterprises need to take advantage of tariff reductions under the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) to increase exports to Australia.
Vietnam is a potential market for Australian table grapes because of its growing middle class, rapid economic growth and the increasing purchasing power of Vietnamese consumers.
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.
National Assembly Chairwoman Nguyen Thi Kim Ngan has expressed wish to further strengthen ties with Australia within bilateral cooperation framework as well as at regional and global forums.
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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