Trade with Australia in full swing

VOV.VN - Imports and exports between the nation and Australia during the first half of the year continued to maintain strong growth momentum, with two-way turnover reaching more than US$8.01 billion for the first time, marking an increase of 38.45% on-year.

Commenting on the positive trade relations between both sides, Nguyen Phu Hoa, head of the Vietnam Trade Office in Australia, said that although international imports and exports continue to face plenty of difficulties, economic ties between the two nations are increasingly prosperous.

Regarding exports, throughout the reviewed period Vietnamese firms exported a volume of goods worth US$2.78 billion to the Australian market, an increase of more than US$ 691.35 million, equivalent to 33.07%, compared to the same period from last year.

Key Vietnamese export items include coffee, seafood, iron and steel products and products from iron and steel, and electronic components which all continue to enjoy impressive growth. For example, iron and steel products soared by 548.63%, cameras, and components by 136.6%, coffee by more than 106.78%, and machinery and equipment and spare parts by over 91.47%.

Meanwhile, fruit and vegetables, as well as rice, continued to increase by double digits.

In the opposite direction, Vietnamese import turnover from Australia throughout the reviewed period expanded by 41.50% to reach over US$5.23 billion, exceeding US$1.53 billion on-year.

The items which had the strongest import turnover include mainly raw and input materials for production such as coal, wheat, cotton of all kinds, scrap iron and steel, as well as iron and steel of all kinds.

Hoa said Australian partners highly appreciate Vietnamese goods, both in terms of quality and price.

Recent times has seen the Trade Office receive many comments expressing their desire to expand co-operation with Vietnamese partners.

However, Hoa also noted that because the global supply chain remains unstable and transportation costs are high, businesses must be proactive in conducting business and promptly control the supply chain.

In November, 2021, both countries signed a strategy aimed at strengthening economic ties with the goal of turning the two countries into each side’s top 10 trading partners and doubling each other's two-way investment.

According to this premise, favourable conditions are offered for both nations’ businesses to expand co-operation. Hoa shared that in order to bring the content of the strategy closer to enterprises, the Vietnam Trade Office in Australia has participated and co-ordinated to conduct a host of seminars and workshops. The purpose of this is to disseminate the content of the strategy as a way of providing timely information to Australian businesses.

The Trade Office also simultaneously called on Australian firms to pay close attention and take better advantage of multilateral trade agreements to which both countries are members. This includes deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

At seminars held in New South Wales, Queensland, Victoria, and the Northern Territories, Hoa stated that firms should pay close attention to the agreement from the perspective of building a sustainable supply chain between both sides. This is especially true for those with large turnover, in order to expand opportunities and increase investment co-operation with the Vietnamese side.

With the potential for greater development between the two countries, Hoa believes that the prospect of growing import and export turnover between both sides is even better moving forward, possibly surpassing the forecast of US$15 billion for the whole year, signaling new trade record for the two nations.

Moving forward, the Vietnam Trade Office in Australia has initiated plans to continue carrying out numerous trade promotion programmes according to the set action plan, with a view of expanding import and export space for the Vietnamese commodity sectors.

Furthermore, the digital economy will also be promoted by the Trade Office, especially in relation to agricultural products.

Hoa emphasized that many new Vietnamese products have shown growth potential in the Oceania market, such as frozen fruits, including jackfruit, passion fruit, durian, and some spices.

The trade office is therefore studying the new government's economic development programme in Australia in order to promptly enhance co-operation in key Vietnamese industries.

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