| Prospects for promoting economic, trade and investment cooperation between Vietnam and Australia Prime Minister Pham Minh Chinh attends the Vietnam - Australia Business Forum |
Over the past time, the Vietnam - Australia relationship has continuously developed and become effective in the fields of politics, economy and society. In particular, economic and trade cooperation has made great strides.
In recent times, in the difficult context of the global economy, bilateral trade cooperation between Vietnam and Australia has had positive and impressive developments. Australia is currently one of the 7 largest trade partners of Vietnam, while Vietnam is also the 10th largest trade partner of Australia.
In 2023, the import-export turnover of goods between Vietnam and Australia will reach nearly 14 billion USD, compared to an absolute decrease of 12% compared to 2022. However, the scale of bilateral trade between Australia and Vietnam continues to increase strongly.
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| Vietnamese goods are popular in the Australian market. Photo: VNA |
Speaking with Cong Thuong Newspaper, Mr. To Hoai Nam - Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VINASME) commented that the positive economic and trade cooperation results between Vietnam and Australia have had a positive impact on the production and business activities of the business community.
According to the General Secretary of the Vietnam Association of Small and Medium Enterprises, Vietnam has a great advantage in trade relations with Australia, which is that it shares many economic cooperation frameworks. In particular, Vietnam and Australia are common members of at least 3 free trade agreements (FTAs), including: ASEAN-Australia-New Zealand FTA (AANZFTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and most recently, the Regional Comprehensive Economic Partnership (RCEP).
In recent times, free trade agreements have been assessed as strongly supporting trade and investment relations between the two countries. "Implementing FTA commitments helps businesses on both sides have the opportunity to take advantage of tariff incentives, promote import and export of goods, and develop markets, " Mr. To Hoai Nam emphasized.
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| Mr. To Hoai Nam – Vice President and General Secretary of Vietnam Association of Small and Medium Enterprises (VINASME) |
Currently, Australia continues to be a potential market for the Vietnamese business community. This is the 13th largest economy in the world with an import turnover of nearly 250 billion USD/year.
In particular, although the population size is quite small, only 25.7 million people, this is a very potential market because people are willing to pay high prices for quality products and are open to imported goods.
Mr. To Hoai Nam said that recently, some Vietnamese products, especially agricultural products, are being favored by the Australian market. This is an advantage for businesses to continue investing and improving product quality to promote the export of goods, including agricultural products to the Australian market.
On the other hand, according to Mr. To Hoai Nam, Australia has a green and sustainable agricultural sector. Therefore, promoting cooperation in this field will bring opportunities for Vietnamese enterprises to improve product quality, meeting international market standards. On the other hand, Vietnamese enterprises can expand investment in Australia in potential fields such as agriculture.
At the same time, " Australia is also known as a country with an advanced administrative reform system. This is an important factor, facilitating and having a positive impact on trade and import-export activities between the two countries in the coming time " - Mr. To Hoai Nam said.
Despite its many advantages, Australia is also one of the world's most demanding markets with a strict and stringent system of standards and quality regulations for imported goods from abroad. In addition, the geographical distance leading to high logistics costs and long transportation times are also a challenge for Vietnamese enterprises when exporting to this market, especially for fresh agricultural and aquatic products that require short transportation times.
Therefore, Mr. To Hoai Nam believes that businesses must be proactive in exploiting and developing the market, and at the same time need to implement recommendations from the authorities. That is, they must have a very serious and long-term business plan to promote the export of goods to the Australian market.
At the same time, according to Mr. To Hoai Nam, the business community also hopes that management agencies will strengthen the implementation of solutions to support businesses in learning about and seizing business opportunities from the Australian market; have incentives and advantages in terms of taxes, rules of origin... within the framework of free trade agreements such as AANZFTA, CPTPP, RCEP.
" Currently, the business community highly appreciates the prospects of economic, trade and investment cooperation between Vietnam and Australia ; export of goods to the Australian market; as well as cooperation in training and improving the quality of human resources between the two countries on the basis of the results of economic cooperation between Vietnam and Australia in recent times, as well as the wishes and expectations of Prime Minister Pham Minh Chinh for the "5 mores" when the bilateral relationship between Vietnam and Australia is upgraded, which are: Better political trust; higher economic - trade and investment cooperation; stronger cooperation in science - technology and innovation; deeper cooperation in education and training, cultural exchange and people-to-people exchange; and stronger cooperation in tourism and labor" - Mr. To Hoai Nam commented.
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