Vietnam-Australia trade hits record high in 2022

Data from the Vietnam Trade Office in Australia shows that many key exports of Vietnam continue to post high growth amid various challenges. (Photo: vneconomy.vn)

Two-way trade between Vietnam and Australia enjoyed a record year-on-year growth of 26.91% to 15.7 billion USD in 2022, according to the Vietnam Trade Office in Australia.

Vietnam’s export turnover to Australia last year expanded 26.18% year-on-year to 5.55 billion USD while its imports were valued at 10.14 billion USD, an increase of 27.31%.

Data from the office shows that many key exports of Vietnam continue to post high growth amid various challenges, including machinery, equipment, tools, and other spare parts (62.1%); footwear (41.3%); textiles (26.3%); aquatic products (37.3%); iron and steel (102.9%); handbags, suitcases and umbrellas (24.8%); coffee (62.53%); and electric wires and cables (81.2%).

Meanwhile, Australia continued to be an important supplier of raw materials for Vietnam’s production of coal, cotton, ores and other minerals, and wheat.

Australian consumers choose fresh litchi imported from Vietnam.(Photo: VNA)

Head of the trade office Nguyen Phu Hoa said that the industry structure of Vietnam and Australia are complementary to each other, helping the two economies enhance their advantages instead of competing.

Last year, the bilateral trade goals were achieved quickly, he said, adding that Vietnam has become Australia's 10th largest trade partner for the first time, while Australia is now Vietnam's 7th largest trade partner.

Economic experts say that there is a great room for Vietnam and Australia to promote trade growth. The implementation of free trade agreements, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), offer opportunities for further cooperation between the two countries.

This year, the Vietnam Trade Office in Australia plans to implement promotion programmes for industries with large turnover and follows the directions of the Ministry of Industry and Trade in expanding the Vietnamese imports and exports./.