Businesses striving to gain foothold for exports to Australia

Vietnamese businesses need to make greater efforts to overcome barriers when they desire to gain entry into the Australian market which is seen as having untapped potential.
businesses striving to gain foothold for exports to australia

Dragon fruit exported to Australia

According to statistics from the General Department of Vietnam Customs, last year’s bilateral trade between the countries increased by 22.1% to US$6.46 billion with Vietnam’s exports to Australia accounting for US$3.3 billion, a year-on-year rise of 15.1% while imports were increased by 30.5% to US$3.1 billion.

Some of the products behind the strong export growth are cameras and components (up 329.3%), crude oil (up 69%), vehicles and spare parts (up 62%), and steel (up 61.7%). While the product areas in which Vietnam holds a distinct advantage made no significant breakthroughs in export earnings.

Nguyen Thi Hoang Thuy, head of the Vietnam Trade Office in Australia notes Australia as a choosy market with strict regulations on technical and product quality standards for imported goods based on its consumer protection policies.

This is seen as the reason why the volume of Vietnamese products in the market stands at less than 2%.

Substandard Vietnamese products and little investment in building brand names remain a major obstacle hindering domestic businesses from boosting exports to the highly lucrative market, especially most of its products exported to Australia are primarily raw and unprocessed materials.

However, Vietnam needs to capitalize on the ASEAN-Australia-New Zealand Free Trade Agreement (AANFTA) by fully grasping the details of the deal to bolster exports to Australia, particularly when 90-100% of total tax lines have been cut for the period covering 2010 to 2020.

Regarding the Australian market, exporters to the oceanic country say Australian customers pay no or little attention to the origins of imported products whereas they care about the quality, patterns, and prices, which are inherently weak points of Vietnamese products.

For their success in the potential market, Ms Thuy has urged domestic businesses to stay active in access to up-to-date market information, take full advantage of FTA preferences, and put product quality first.

In addition, it is essential for businesses to intensify proper investment in developing a material zone which is up to international standards and partner with each other to form production chains in order to sharpen competitive edge, she says.

She also assures the Vietnam Trade Office in Australia’s readiness to provide domestic businesses with updated information on tax policies, distribution networks, import regulations, and FTA preferences via its website to facilitate their market penetration.

Source: VOV

Related News

"Good oppotunities" for export to Asia - Africa markets

"Good oppotunities" for export to Asia - Africa markets

VCN - The Asia-Africa region is always an important market for Vietnam. These are two markets considered suitable for Vietnamese goods, including the Red River Delta, to expand their market share in the near future.
Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Exports fruit and vegetable expects to exceed US$ 7 billion

Exports fruit and vegetable expects to exceed US$ 7 billion

VCN - In the first half of 2024, fruit and vegetable export turnover reached nearly US$3.5 billion. Key markets recorded an increase of 10-50% over the same period in 2023. This is also the industry that holds the leading position in exports of agricultural products.
June seafood exports hit yearly high

June seafood exports hit yearly high

VCN - Seafood exports for June 2024 are estimated to have reached $875 million, marking a 14% increase compared to the same period last year and the highest monthly export value since the beginning of 2024.

Latest News

Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.

More News

Building the Vietnamese brand associated with green and sustainable development

Building the Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes even more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.
Improving the competitiveness of businesses is an important factor

Improving the competitiveness of businesses is an important factor

VCN - Local competitiveness is not only based on economic management capacity, the favorable and friendly business environment and efforts to improve administrative reform efforts of provincial and city governments (PCI) but also relies on the competitiveness of local businesses.
Malaysia to boost exports to Vietnam

Malaysia to boost exports to Vietnam

The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
Exporters advised to update trade policies of Singapore

Exporters advised to update trade policies of Singapore

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to carefully study and keep updated on new regulations in Singapore, a market that is becoming more cautious in trade policy, in order to further exploit this market.
Import and export turnover increases to US$ 51 billion

Import and export turnover increases to US$ 51 billion

VCN – Import-export turnover in June saw a slight decrease but remained at a high level, the General Department of Vietnam Customs announces.
Green logistics – a key for sustainable development

Green logistics – a key for sustainable development

Green logistics development is no longer a trend, it is an inevitable requirement with activities throughout the stage of purchasing raw materials, production, distribution, delivery, waste treatment - throughout the entire business life cycle.
Manufacturing enterprises need to adapt to trends to develop: experts

Manufacturing enterprises need to adapt to trends to develop: experts

Besides the factors of price, product quality and delivery time, green and sustainable development are competitive criteria that more and more markets are requiring from suppliers in Ho Chi Minh City as well as across the country.
Prioritize stimulating domestic consumption to promote economic growth in 2024

Prioritize stimulating domestic consumption to promote economic growth in 2024

VCN - According to General Director of the General Statistics Office Nguyen Thi Huong, in the context of many difficulties in the world economy, the export growth rate is slowing down, many businesses are facing a shortage of orders..., priority should be given to stimulating demand. Domestic consumption is considered an important solution to promote economic growth in 2024.
Việt Nam, Philippines agree to establish a rice industry alliance

Việt Nam, Philippines agree to establish a rice industry alliance

Agriculture ministers of Việt Nam and the Philippines agreed to establish a rice industry alliance between the two countries and upgrade the trade relationship into an investment partnership.
Read More

Your care

Latest Most read
Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.
Building the Vietnamese brand associated with green and sustainable development

Building the Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes even more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world market
Mobile Version