Vietnam agriculture benefits from Australian trade deals
(VOV) - Vietnam domestic agribusinesses have new opportunities to boost exports and break into key Australian markets with the implementation of landmark trade agreements in 2015.
The Australian Department of Agriculture has agreed in principle to allow Vietnam fresh litchi to enter the market effective this June and will announce the specifics of the agreement later this month.
This agreement comes into force on the heels of other trade agreements under which the Australian government has authorized a variety of agriculture products to flow into the market.
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This is a huge opportunity for the Vietnam agribusinesses as Australia is Vietnam’s eighth largest export market valued at US$3.99 billion for 2014, according to the Vietnam Trade Office in Australia
In the three months leading up to April of this year alone, Vietnam’s exports to the Australian market hit an all-time record high of US$742.8 million, the trade office reported.
These trade agreements will deliver new jobs and expansion opportunities across the Vietnam economy with major openings for not only agriculture but aquaculture and the seafood industries as well.
However, Australia is a demanding market the trade office reported and the government imposes strict requirements on quality, origin along with food hygiene and safety.
If domestic businesses face up to the challenges and innovate, adapt and grasp the new opportunities presented in the Australian market they have a bright future to prosper and make further inroads.
If businesses pay more effort to advertise products on the market, exports to the market will further increase in the future, according to the Vietnam Trade Office in Australia.