Two-way trade between Vietnam and Australia sets a new record

Two-way trade turnover between Vietnam and Australia reached a record $15.7 billion in 2022, an increase of 26.91 per cent against 2021, according to the Vietnam Trade Office in Australia.

Analysis data of the Vietnam Trade Office in Australia shows that many essential export products of Vietnam continue to witness high growth in the context of many challenges.

Specifically, export of machinery, equipment, tools and spare parts increased by 62.1 percent; footwear by 41.3 percent; textiles by 26.3 percent; aquatic products by 37.3 percent; iron and steel of all kinds by 102.9 percent; coffee by 62.53 percent; electric wires and cables by 81.2 percent.

On the other hand, Australia remains an essential supplier of raw materials for domestic production, such as coal, cotton, ores, other minerals, and wheat.

The amount of the above goods accounts for about 80 percent of imports from Australia.

Two-way trade between Vietnam & Australia sets new record
Two-way trade between Vietnam and Australia sets a new record

The Head of the Vietnam Trade Office in Australia, Nguyen Phu Hoa, assessed that industry structures of Vietnam and Australia complemented each other, helping the two economies enhance their advantages instead of competing.

In the past year, bilateral trade goals have been achieved quickly. Vietnam becomes Australia's 10th largest trading partner for the first time, and Australia is currently Vietnam's 7th largest trading partner.

Economic experts said the potential for trade growth between Vietnam and Australia is immense. Taking advantage of the advantages of the signed Free Trade Agreements continues to open up opportunities for cooperation between the two countries in many new fields.

Vietnam likely to enter top seven trade partners of US: Bloomberg
Vietnam to become RoK’s third largest trade partner
Vietnam enjoys 11.2 billion USD trade surplus
Vietnam seafood exports hit record US$11bil in 2022, challenges ahead
Vietnam – South Africa trade hoped to take strides: Ambassador
Thành Hải