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| Vietnam-Australia bilateral trade grows positively |
Of which, export turnover in January 2024 reached 521.9 million USD, up 36.9% over the same period in 2023 (381.1 million USD) and up 31.1% over December 2023 (398 million USD).
Import turnover in January 2024 reached 729 million USD, up 48.4% over the same period in 2023 (491.4 million USD) and slightly up 0.3% over December 2023 (727 million USD).
Bilateral trade between Vietnam and Australia in January 2024 recovered and grew very positively compared to the same period in January 2023, as well as the previous month of December 2023.
Regarding exports, except for three items that decreased: crude oil (-32.6%), footwear (-8%), textile and garment materials, leather and footwear (-0.5%), all items witnessed positive growth compared to the same period, especially key items such as phones of all kinds and components (+20.7%), textiles and garments (+10.2%), machinery, equipment, tools and other spare parts (+8.7%), seafood (+89.5%)...
In particular, many of Vietnam's strengths, although their export turnover to Australia is still "modest", have witnessed strong growth such as coffee (+483.3%), iron and steel of all kinds (+386.7%), paper and paper products (+165.9%), rice (+84.9%)... promising potential to continue to increase in the coming time.
Regarding imports, most key items with high proportions (over 5%) witnessed strong increases (except ores and other minerals, down 1.3%).
The recovery of bilateral trade in January 2024 compared to the same period in January 2023 was mainly due to strong growth from the low base of January 2023 when the global economy in general and the Vietnamese and Australian economies in particular during that period were negatively affected by inflation, causing a decline in purchasing power.
However, it can be seen that the recovery trend is being consolidated when compared with December 2023, the total import-export turnover has also had a quite positive recovery (+10.6%), mainly based on the growth of exports from Vietnam to Australia (+31.1%) due to insignificant import growth (+0.3%).
Recently, the Vietnam Trade Office in Australia has closely coordinated with the Trade Promotion Agency in the process of drafting the Conference documents, providing updated information on the Australian market situation, opportunities and challenges when exporting to the market, and at the same time making recommendations to support Vietnamese enterprises in enhancing their capacity, competitiveness and brand to promote the export of Vietnamese products and goods to the Australian market.
Develop programs, orientations, and plans to support Vietnamese enterprises to participate in large-scale international fairs and exhibitions in Australia, thereby helping Vietnamese enterprises have the opportunity to display products, and at the same time exchange, connect, and seek business and cooperation partners.
Support a number of Vietnamese enterprises operating in the fields of iron and steel, wood products, interior design, instant noodles, medical clean room design and construction, toys, etc. to learn and research the Australian market such as the trade situation, import and export, retail, investment opportunities, and business development in Australia.
Accompanying and supporting businesses in trade promotion and market development in the coming time, the Vietnam Trade Office in Australia will continue to proactively research the market, promote trade regularly, increase information search, support businesses in finding partners, maintain weekly newsletters, continuously update and provide new information quickly and promptly on information channels, online platforms, and apply the Trade Office's technology, promptly convey to agencies, businesses, and associations to proactively grasp.
Coordinate with functional units under the Ministry of Industry and Trade in the country to exchange and grasp information about the local situation, market, bilateral trade... to prepare for activities to welcome delegations, especially high-level delegations.
Coordinate in exchanges with the Vietnamese Embassy in Australia, the Vietnamese Consulate General in Sydney and the Vietnamese press and news agencies in the area on the bilateral trade, cooperation and investment situation between Vietnam and Australia in 2023, prospects for 2024 to serve the coordination of information and propaganda work, etc.
On the morning of March 4, Prime Minister Pham Minh Chinh and his wife, along with a high-ranking Vietnamese delegation, left Hanoi to attend the Special Summit to celebrate 50 years of ASEAN-Australia relations; and pay official visits to Australia and New Zealand from March 5 to 11 at the invitation of Australian Prime Minister Anthony Albanese and New Zealand Prime Minister Christopher Luxon. The Special Summit to celebrate 50 years of ASEAN-Australia relations was held in Melbourne, Australia from March 5-6 with the participation of leaders of ASEAN countries, Australia and the ASEAN Secretary General. The working delegation of the Ministry of Industry and Trade led by Minister Nguyen Hong Dien joined the high-level delegation attending the Special Summit to celebrate 50 years of ASEAN-Australia relations, paying an official visit to Australia and New Zealand and organizing sideline activities. It is expected that on the sidelines of the Special Summit to celebrate the 50th anniversary of ASEAN-Australia relations, and the official visit to Australia and New Zealand, in Australia, the Ministry of Industry and Trade's delegation will participate in the Technical Meeting to prepare for the First Session of the Ministerial Dialogue on Trade; co-chair the First Session of the Ministerial Dialogue on Trade... In New Zealand, the Ministry of Industry and Trade delegation is expected to attend a reception with the Vietnamese Science and Technology Group (VietTech NZ); receive the Rector of Waikato University; receive the Chairman of the Auckland Business Council, Simon Bridges and a number of typical New Zealand businesses; visit the Plant and Food Research Center;... |
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