Import - export turnover of Vietnam - Australia has just set a new record of USD 15.7 billion in 2022, an increase of 27% compared to 2021, of which exports reached USD 5.6 billion, an increase of 26% and imports reached USD 5.6 billion, an increase of 27%. Currently, Vietnam is Australia's 12th largest trading partner, while Australia is Vietnam's 10th largest trading partner.

Vietnam's export turnover of goods has a clear upward trend, especially agro-forestry-fishery products.

According to Mr. Vu Huy Phuc, Deputy Head of Market and Sector Research, Institute of Policy and Strategy for Agriculture and Rural Development (MARD), in 2022, Vietnam's agricultural, forestry and fishery exports to Australia reached USD 845 million, an increase of 19% compared to 2021.

In the 2009 - 2022 period, the growth rate of export turnover is about 9%/year, in which aquatic products, vegetables recorded the strongest growth; while export turnover of cashew nut, pepper, coffee, wooden products decreased slightly during the COVID-19 pandemic.

In the opposite direction, the import turnover of Vietnam's agricultural, forestry and fishery products from Australia in 2022 reached USD 2.7 billion. Import growth rate is about 32.6%/year in the 2009 - 2022 period.

Vietnam prefers to import Australian wheat and cotton products, the turnover recorded a sudden increase during the period of the Russia-Ukraine conflict.

Regarding trade with Australia, this is a highly competitive market, technical barriers, labeling requirements, food hygiene and safety are very strict, several standards are even higher than that of the US and Australia.

Both Vietnam and Australia are members of at least three free trade agreements (FTAs), including the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the CPTPP and most recently the Regional Comprehensive Economic Partnership (RCEP). This has significantly reduced barriers to two-way agricultural trade between Australia and Vietnam.

Kylie Nguyen