Vietnam-Australia trade surges 32 percent in Q1

Rubber processing at Dau Tieng plantation in the southern province of Binh Duong. (Photo: VNA)

Sydney (VNA) – 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.

A sharp increase was seen in Vietnam’s export of various agricultural and industrial products to Australia, for example coffee (84 percent), aquatic products (51 percent), rubber (41 percent), and electric cable (26 percent). Notably, the shipments of iron and steel skyrocketed by more than 500 percent year on year.

Australia is emerging as a supplier of much-needed materials for Vietnam, including coal, iron ore, metal, cotton, wheat and cattle feed, enabling the latter to boost production.

The Vietnamese Trade Office in Australia has regularly updated information on Australian importers and products’ current prices on its own e-commerce mobile app Viet-Aus to help Vietnamese firms seek partnership more easily.

Last year, the two-way trade hit a record high of 12.4 billion USD, up over 49 percent year-on-year. The same year, the two countries finalised the signing of the Australia-Vietnam Enhanced Economic Engagement Strategy to support their ambition of becoming each other’s top trade partner and doubling bilateral investment./.

VNA