Trade between Vietnam and Australia is directly supported by the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which provides preferential tariffs for Australian exporters and Vietnamese investors. The Vietnam Trade Bureau follows Australia’s economic recovery plan to promote exports, and actively adjusts trade and the needs of Australian companies in the context of trade tensions. In 2020, in addition to supporting export activities and providing product information and investment opportunities through the Viet-Aus Trade application, Australia will also host the first national online Vietnam Sourcing Expo with hundreds of booths covering many industries in Vietnam. It has opened up opportunities for many small and medium enterprises to enter the Australian market.
Australia’s exports to Vietnam have grown at an annual rate of 16.9% over the past 24 years, from $ 110 million in 1995 to $ 4.67 billion in 2019. AU $ 843 million from Vietnam, with travel services accounting for 68% in 2017. February 2017 – Vietnam imports 1.63 million tonnes of Australian wheat, up 44.2% year-on-year (about 40% market share), according to Vietnam Customs data released in mid-January 2017. Australia is the largest wheat supplier to Vietnam. for 42.1 percent of the total wheat imports exceeding 1 million tons, the second supplier is Canada with 485.9 thousand tons, which is 18.9 percent, and the third is Brazil with 104.6 thousand tons imported, or 4.06 percent.
Thailand is the largest export market for Vietnam with a value of $ 617.81 million, accounting for 60.7% of the country’s total imports, followed by China with $ 160.07 million (15.7%), from the US at 59.56 million dollars (5.9 percent). and Australia, $ 40.85 million (4 percent). In 2017, Vietnamese exports of fruits and vegetables reached $ 2.32 billion, which is 46.5% more than in the same period in 2016, but the country imports from 80 to 90% of seeds and seedlings. Vietnam was Australia’s second largest fruit export market before Vietnam suspended fruit imports from Australia on January 1, 2015.
Exports of Australian wines to Vietnam fell by more than 50% in volume terms for the year ended March 2021, which is likely a consequence of COVID-19, which is decreasing tourist consumption in the market. However, it has previously shown several years of solid growth with an average CAGR of 7% since 2010.
Almost all Australian wines exported to Vietnam are packaged and 83% is still red wine, making it a market profile similar to China. The average export value of Australian wine to Vietnam is $ 8.11 per liter FOB, compared to $ 7.26 per packaged export across all markets (year ending March 2021). Australia is Vietnam’s fourth largest wine importer, accounting for 11% of the value.
Among the top 10 importers, Australia has the highest average cost, with the exception of the UK, which exports a small amount of premium sparkling wine  to Vietnam. Vietnam is Australia’s second largest livestock market, with 32% of all Australian livestock exported in 2019-2020.
Vietnam received more than 320,670 tourists from Australia in 2016, an increase of 5.6% over 2015. Unlike Australia’s three major Asian trading partners—China, Japan, and South Korea—Vietnam’s population is still growing, and it is expected to grow from 98 million to 120 million by 2050. The growth opportunity for Australia’s exports identified in the report is mainly to expand Australia currently trades with Vietnam and continues to follow the path that Australia has sought in recent decades to ease the rise of Asian economies through commodities and expanded tastes.
Australia exports coal, iron ore, cotton, processed animals and animals, scrap, wheat, aluminum, copper, zinc, fruits and nuts to Vietnam, and each category has the potential to grow significantly. Australia is currently our 21st largest merchandise trading partner with a total (bilateral) merchandise trade volume of $ 37.8 billion in 2020. U.S. trade in goods and services with Australia totaled $ 58.7 billion in 2020. Australia’s exports and imports in 2020 are estimated at $ 20.9 billion.
The surplus in trade in goods and services between the United States and Australia in 2020 was $ 18.3 billion. Exports of goods and services from the United States to Australia supported approximately 221,000 jobs a year, according to the US Department of Commerce. export of goods and 110 thousand supported by export of services). The creation of the ASEAN Economic Community in 2015 could double the value of Australia’s agricultural exports to the region to $ 15.5 billion by 2025, said Mark Bennett, head of ANZ Agribusiness Australia.
The report cites significant opportunities for Australian exporters to expand trade ties with Vietnam, including in beef and wheat, as growing tensions with neighboring China spur diversification into other markets. But the report shows areas where there is potential for further growth in trade between Australia and Vietnam, as well as the potential to reduce concerns that have arisen between Australia and China. However, the report indicates that Australia has significant potential to increase exports of key products, including beef, to Vietnam based on market consumption trends, Australia’s comparative advantage as a supplier and other market access advantages.
Examples of Australian companies operating in the agricultural sector include SunRice and Australia’s largest grain exporter CBH, which first invested in Vietnam in 2005 to support grain exports through a joint venture (Interflour) with a food conglomerate. The Indonesian company Salim Group is engaged in grain processing. plant.
Under the Australian Export Control Act, agricultural exports to Vietnam are controlled and regulated by the Australian Department of Agriculture and Water Resources. Like Australia, Vietnam has its own rules for the export and import of goods. As in Australia, trade in Vietnam is regulated and all goods entering the country must go through customs clearance at the border. However, all duties must be paid prior to shipping the item to Vietnam.
Under the Australian Export Control Act, Australian companies wishing to export their products to Vietnam must legally establish and register a legal entity in Vietnam. According to the Australian Export Control Act, Australian companies wishing to export their goods must have a legal entity registered and legally registered in Vietnam.
To export from Australia to Vietnam, you must ensure that you comply with all export and import requirements and regulations. For the trade process between Australia and Vietnam to be successful, you need to know the rules that apply to both Australia and Vietnam, with the customs duties and clearances imposed by the Home Office being one of the most important points to consider. In Australia, the Home Office must authorize the export of your products.
For example, goods exported from a non-tariff zone to overseas, goods in transit, or goods imported from Australia to a non-tariff zone in Vietnam, are only used in the non-tariff zone. Companies that export and import from Australia to Vietnam may incur additional costs, depending on the category and value of the product.