Illustrative image (Source: VNA)Hanoi (VNA) – Australia is apromising market of Vietnam as the country spends 600 billion USD each year onimports.
Trade between Vietnam and Australia inrecent years has risen by nearly 10 percent a year on average. Australia is theeighth biggest export partner and the 12th biggest import partner ofVietnam. Vietnam is also the 14th largest trade partner of Australiain terms of both imports and exports.
Each year, Australia imports about 1.7-2billion USD worth of vegetables, while Vietnam imports 20 billion USD of theproducts.
Vietnam ships 173 million USD worth ofgarment and textile products to Australia, accounting for only 1.9 percent ofthe country’s total imports of the products.
In recent years, the number of Vietnameseproducts exported to Australia has increased, with the introduction of many newkinds of farm produce such as litchi, mango and dragon fruit. In 2019,Vietnamese longan will continue to be sold in Australia.
The 24 million-strong market has high foodsafety standards, requiring Vietnamese farms to ensure higher product quality,change their methods and choose the most suitable products.
Vietnamese tra fish is one success story.Currently, Vietnam has 98 percent of market share in Australia. After years ofstruggling in European and American markets, Vietnamese firms have paid muchattention to developing varieties, material regions, harvesting and processingprocedures, and defining market segments.
At the same time, domestic businesses havebeen advised to research the Australian market and learn preferential policiesfor Vietnamese exporters as stated in the ASEAN-Australia-NewZealand Free Trade Area.-VNA
VNA
