Experts: Vietnam-Australia trade set to grow
Updated : Wednesday, June 06, 2018 2:42 PM (GMT+0700)

Bilateraltrade between Vietnam and Australia is poised to grow thanks to lower tariffsunder free trade agreements, according to Vo Tan Thanh, Vice Chairman of theVietnam Chamber of Commerce and Industry (VCCI).

 
Delegates at the Australia – Vietnam Trade and Investment Conference in HCM
City on June 4 - Photo: nongnghiep.vn

Speaking at a conference onVietnam-Australia relations on June 5, Thanh said that Australia would remove90 percent of its import tariffs from the Association of Southeast AsianNations (ASEAN) and New Zealand within 2018, and the remaining 10 percent in2020, in accordance with the ASEAN-Australia-New Zealand Free Trade Agreement.

In addition, the upcomingComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)would help promote trade between Vietnam and Australia.

Thanh said that the twocountries have had a close business partnership for 45 years and have seengreat developments in trade, investment and tourism.

Australia is Vietnam’seighth biggest trade partner and has invested around 400 projects valued at 1.8billion USD into the country, ranking 19th among 126 countries and territoriesinvesting in Vietnam. Vietnamese companies are also investing in several projectsin Australia.

Thanh is confident thatAustralia will rise to be one of the top 10 countries investing in Vietnam inthe future.

Australia is one ofVietnam’s biggest official development assistance (ODA) providers, pouringaround 150 million USD into Vietnam annually.

However, according to LeThanh Tung, Director of Tien Thinh International Migration and InvestmentConsulting, while Vietnam is Australia’s 15th largest import market, Vietnam’sexport value to Australia only accounts for 1.7 percent of Australia’s totalimport turnover. 

There would be moreopportunity for Vietnamese companies to increase their export volume toAustralia, with the help of market research and counselling, he said.

However, he added thatAustralia had tough requirements for the goods it imports, so Vietnamese firmsmust ensure that their goods meet Australian requirements.

Gary Dawes, senior tradeadvisor from Austrade TradeStart and New South Wales Business Chamber, saidthat exporting Vietnamese goods to Australia could be a good way for Vietnam toenter other foreign markets as Australia is the 5th mostdeveloped economy in the Asia-Pacific region and also exports to other marketssuch as New Zealand and the US.

He also advised Vietnamesefirms before investing to carefully research Australia’s demands and make surethey stand out from competitors.

In 2017, bilateral trade wasat 6.5 billion USD. Vietnam exported 3.3 billion USD worth of goods toAustralia.

Source:VNA

Write your comment here
Name:
Email:
Title:
Comment:
© PhuYen Newspaper- Editorial Board: 62 Le Duan, Tuy Hoa City, Phu Yen Province
Tel: (84-057).2211110 - (84-057).3842488, Fax: (84-057).3841275
Email: tsbpy@dng.vnn.vn
Designed by nTek