The opportunities for Việt Nam to tap the Australian market are huge if businesses create competitive products up to international standards, experts have said.
According to the Ministry of Industry and Trade, Việt Nam and Australia enjoy favourable conditions to boost economic and trade ties.
Two-way trade reached US$5.26 billion in 2016, a year-on-year increase of 6.5 per cent.
The Vietnamese trade office in Australia said Việt Nam posted a trade surplus of about US$480 million in 2016.
Growth was seen in cameras and spare parts, iron and steel products, apparel and footwear materials, computers, electronic products and components, and interior decoration.
Australia has demand for Vietnamese staples such as garment-textiles, footwear, seafood, and timber products.
It also imports Vietnamese lychees, which have enjoyed a surge in export turnover over the past two years.
The Vietnamese trade office in Australia noted that Australian consumers are open to imported goods and they care about quality, appearance and price.
The most urgent thing to do is to popularise Vietnamese products and connect businesses with the market.
Australian importers do not accept products which fail to meet their quality standards and they attach great importance to long-term business partnerships.
Robert Chua, an Australian market consultant, said import demand in Australia is huge but Vietnamese products are not strong enough to dominate the market.
In fact, Australia imports various products from Asia-Pacific countries, including Việt Nam, especially footwear and garment-textiles.
Therefore, it is essential to improve the quality management of manufacturing factories and abide by global criteria on plant protection drugs, dyes and food additives, experts suggested.
Businesses could invite quality control experts and skilled workers from Australia to work in Việt Nam to popularise locally-made products, they advised.
Minister of Industry and Trade Trần Tuấn Anh called on the two sides to exert efforts to drive bilateral trade forward, on par with their economic potential and comprehensive partnership.
The enforcement of the free trade agreement between ASEAN, Australia and New Zealand has helped increase Việt Nam-Australia trade ties, creating a significant milestone in the two countries’ relationship, he added.
The Ministry of Industry and Trade will entrust its Import-Export Department to address difficulties via a hotline and simplify administrative procedures as well as promulgate documents to highlight opportunities and challenges from free trade agreements for businesses to help them boost exports, he said.
Since Việt Nam and Australia normalised relations in 1973, bilateral ties have been reinforced by external affairs, trade, and economy.
Bilateral rapport has developed since the two nations set up a comprehensive partnership in 2009, especially in economy and trade.