Two-way trade between Viet Nam and Australia topped US$15.7 billion in 2022, up 27 per cent year-on-year, statistics from the Viet Nam Trade Office in Australia revealed.
Last year, Viet Nam exported $5.55 billion worth of goods to Australia, a year-on-year increase of 26 per cent while its imports from the market saw a yearly hike of 27.3 per cent to $10.14 billion.
Vietnamese export items posting high growth amid various challenges included iron and steel (103 per cent); electric wires and cables (81 per cent); coffee (63 per cent); machinery, equipment, tools, and other spare parts (62 per cent) besides footwear (41 per cent); aquatic products (37 per cent); textiles (26 per cent); handbags, suitcases and umbrellas (25 per cent).
At the same time, Australia continued to be an important supplier of raw materials for Viet Nam’s production of coal, cotton, ores and other minerals, and wheat.
Head of the office Nguyen Phu Hoa said that the industry structure of Viet Nam and Australia were complementary to each other, helping the two economies enhance their advantages instead of competing.
He added Viet Nam had become Australia's 10th largest trade partner for the first time, while Australia is now Viet Nam's seventh largest trade partner.
According to economic experts, there remain room for the two countries to promote bilateral trade.
The implementation of free trade agreements, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), have been offering opportunities for further cooperation between the two nations.
Chu Hoang Long, Lecturer at the Australian National University (ANU) suggested State agencies and businesses from the two nations clearly identify their strengths and comparative advantages; carefully study the legal system, customs, regulations and standards of goods and services while improving their local knowledge and understanding about the capacity of partners in order to make good use of cooperation opportunities.
For Viet Nam, it was necessary for the Southeast Asian country to enlist the support of Australia to improve its investment and business environment, so that it could be ready and proactive to receive technology transfer, upgrade value chains in both governance and technology to quickly connect with Australian value chains and reach out to the global value chain.
This year, the Viet Nam Trade Office in Australia plans to implement promotion programmes for industries with large turnover and follows the directions of the Ministry of Industry and Trade in expanding Vietnamese exports, especially frozen fruits such as jackfruit, passion fruit and durian besides some spices. — VNS