In 2022, two-way trade turnover between Vietnam and Australia had a breakthrough growth, reaching a new record of USD 15.7 billion, an increase of 26.91% over the previous year.

In which, export turnover from Vietnam to Australia recorded a marked improvement, reaching USD 5.55 billion, an increase of 26.18% and imports reaching USD 10.14 billion, an increase of 27.31%.

Analysis data of the Vietnam Trade Office in Australia shows that many key export products of Vietnam continue to record high growth in the context of many challenges, such as machinery, equipment, tools and other spare parts, an increase of 62.1%; footwear with an increase of 41.3%; textiles with an increase of 26.3%; seafood products an increase of 37.3%; iron and steel of all kinds with an increase of 102.9%; handbags, suitcases, umbrellas with an increase of 24.8%; coffee with an increase of 62.53%; electric wires and cables with an increase of 81.2%.

On the other hand, Australia continues to be an important source of raw materials for domestic production such as coal, cotton, ores and other minerals, wheat, etc. This volume of goods accounts for about 80% of imports from Australia, with the share of imports reaching 30-70% of Vietnam's total imports from other countries, depending on the product.

Assessing the trade relationship between the two countries, Head of the Vietnam Trade Office in Australia Nguyen Phu Hoa said that the goods structure of Vietnam and Australia are complementary to each other, helping the two economies enhance their own advantages instead of competition.

Overall, in the past year, the bilateral trade goals were achieved quickly, under the direction of the two countries' senior leaders. Vietnam became Australia's 10th largest trading partner for the first time, and Australia is currently Vietnam's 7th largest trading partner.

According to economic experts, the potential for trade growth between Vietnam and Australia is huge. Taking advantage of signed Free Trade Agreements: the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) has and continues to open up opportunities for cooperation between the two countries in many new fields.

In December 2021, Vietnam and Australia signed a Strategy to strengthen economic ties and issued a Roadmap to promote trade and investment relations between the two countries in the first period of 2021-2025. The common goal of the Strategy is to bring the two countries into each other's top 10 trading partners and to double investment in each. This is a premise to create favorable conditions for businesses of the two countries to expand cooperation.

Kylie Nguyen