Sunday, May 27, 2018 4:26:12 AM - Markets open
VN-INDEX 963.90 -22.02/-2.23%
HNX-INDEX 114.49 -2.58/-2.21%
UPCOM-INDEX 53.13 -0.75/-1.38%
Huge trade potential in Australia
Source: VNS - 3/8/2017 10:28:42 AM
 (0 ratings. You must sign in to rate.)
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.

Newer News
25/05 Tra fish exports to China continue to thrive
24/05 Paper sector unfolds into domestic market
23/05 Conference highlights CPTPP’s commitments, tips for businesses
22/05 US’ DoC levies import tax on Vietnamese steel
22/05 Auto imports drop sharply last week
22/05 EVFTA - a push for Vietnam-EU economic relations
17/05 Vietnamese government approves fuel tax hike proposal in fight against pollution
16/05 CPTPP benefits Vietnam’s industrial property
16/05 Thousands of scrap containers stored at Cat Lai Port
15/05 Exports of tra fish earns 438 million USD in three months
Older News
07/03 Vietnam pepper faces difficult year
07/03 Over 345 million USD in FDI poured into property sector
07/03 Gasoline prices slightly drop
07/03 Firms want hotline to Gov’t leaders
06/03 Cashless economy target too high: experts
03/03 Retail sales, services drop after Tết
02/03 VN industrial production lagging
02/03 Wood product exporters ready to expand global market share
02/03 Deputy PM wants more international integration
01/03 New lending regulations worry small firms
Newsletter Signup
Top Stories
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 3:10:34 PM
VN-INDEX 963.90 -22.02/-2.23%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.