Vietnam- Australia trade revenue surges nearly 34 percent

Vietnamese durians exported to New South Wales, Australia (Photo: VNA)

Two-way trade turnover between Vietnam and Australia topped 3.63 billion USD in the first four months of this year, a year-on-year rise of 33.85 percent, according to Vietnamese Consul General to Australia Nguyen Dang Thang.

Speaking at a business cooperation conference held by the Vietnamese Entrepreneurs Association in Sydney (VEAS) on May 21, Thang said that exports of both nations to each other’s market increased in the period.

He described this as significant in the context that the COVID-19 pandemic caused an unprecedented disruption to the global economy and several nations, including those in Southeast Asia.

However, Thang said the trade value did not reflect the economic potential between the two nations, adding Vietnamese and Australian enterprises should not only trade traditional products like seafood, farm produce, minerals, garment and textiles, footwear and building materials, but also capitalise on the products that both sides have gained competitive edge in the global market.

Vietnamese Consul General to Australia Nguyen Dang Thang speaks at the business conference. (Photo: VNA)

He also called on the Australian businesses to invest more in the Vietnamese market, particularly in the fields they hold considerable experience and advantages such as processing, manufacturing, high-tech agriculture, and logistics.

Meanwhile, Chairwoman of the Export Council of Australia Dianne Tipping affirmed Vietnam and Australia have enjoyed the fastest trade growth in recent years, and the Southeast Asian country has become a more important trade partner of Australia.

Besides goods, they have seen an impressive growth in their trade in services, including fintech, health care and education, she said.

Boasting fast economic growth, expansion of middle-class population, young and dynamic workforce, stable socio-political environment, and better business climate, Vietnam is truly an ideal destination for Australia firms, she said, adding the Vietnam – Australia ties have been deepened across the fields of economy, security, defence, culture, education and people diplomacy.

Tipping affirmed that the two countries have many opportunities to branch out their economic-trade relations in the post-pandemic era.

The Export Council of Australia encourages Australian businesses to expand their business in Vietnam, particularly in the fields that have good growth in the future such as information technology, digital transformation, finance-banking, environmental services, health care, and beauty.

Tipping said her council has advised the Australian government to back trade promotion with Vietnam, especially giving supports to small- and medium-sized companies who are interested in investing in the Vietnamese market, as well as consider establishing a travel corridor between the two countries./.