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Australia-Vietnam Trade on the rise

Australia-Vietnam Trade on the rise article image

Vietnam had a trade surplus of US$1.93 billion with Australia last year, according to figures from the Ministry of Industry and Trade.

Vietnam’s exports to Australia last year reached US$3.99 billion, up 13.7 percent over the previous year, while its imports from Australia were worth US$2.06 billion.

While crude oil is Vietnam’s key export commodity to Australia with a share of 46 percent of the total value, agro-products and seafood posted the strongest growth.

Products in the manufacturing and processing sectors such as steel, electric cables, transport vehicles and spare parts, garments, bags, umbrellas and hats saw strong increases but computers, electronic products and components, phones and components showed signs of decline.

The ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which came into force on January 1, 2010 has created increasing opportunities for Australian businesses.

Austrade has identified a number of opportunities in the agribusiness sector for Australian companies.

Also, it predicts significant opportunities for Australian businesses in the medium to long term, in the construction of major infrastructure projects in Vietnam.

This includes:

  • Architecture
  • Consultancy services and technical assistance
  • Engineering services
  • Concept design
  • Construction management
  • Project management

Other areas of opportunity include: supply of metallic materials (aluminium, steel sheets), high-end architectural interior products and designs, fire safety and building materials (energy efficient, HVAC, lighting and Hi-end building materials).

Also, Austrade has identified opportunities for Australia’s mining sector.

This includes:

  • Coal supply
  • Mining Equipment, Technology and Services (METS) provision to local and international mining players
  • Import/export infrastructure capabilities (deep water coal seaports, intermediary coal terminals and land transportation)
  • Education and training including mineral processing technologies, mining techniques and management

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