return icon Vietnamnet.vn

Vietnam-Australia trade turnover hits record figure of US$12.4 billion

The nation’s trade turnover with Australia hit a record high of US$12.4 billion for the first time in 2021, marking a rise of nearly 50% compared to 2020.

Vietnamese agricultural products sell well in Australia's major supermarkets

Vietnamese agricultural products sell well in Australia's major supermarkets
 


Most notably, the country’s export turnover to Australia reached US$4.45 billion, an increase of 23%, while its imports stood at around US$7.95 billion, an annual rise of 70%.

With this level trade volume, the nation duly became Australia’s 12th largest trading partner, whilst Australia was the country’s 10th biggest.

According to analysis done by the Vietnam Trade Office in Australia, despite the negative impact of the COVID-19 pandemic, the majority of exports to the Australian market enjoyed impressive growth.

Export turnover of raw materials and fuels experienced from double- to triple-digit growth in comparison to the previous year. Exports such as textiles, garments, leather and footwear, machinery, and spare parts continued to increase remarkably, especially the textile and garment sector which enjoyed a growth rate of 42.23%.

The turnover of key Vietnamese exports such as agricultural and fishery products also outperformed the previous year. Specifically, pepper surged by 41.98%, followed by rice, vegetable and fruits and seafood with 34.36%, 28.15%, and 16%, respectively.

Furthermore, there is bright prospects ahead for trade between both countries this year as the two nations are now members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), an inclusive and open new-generation trade agreement. In addition, the both sides have completed the Enhanced Economic Engagement Strategy which outlines a roadmap to increase trade and investment opportunities between the two nations.

According to Australian Ambassador to Vietnam Robyn Mudie, the two economies are highly complementary. This can be seen as Australia is a reliable supplier of the services and raw materials that Vietnamese exporters require, and Australian consumers enjoy high-quality Vietnamese products in their homes and at workplaces. There is therefore huge potential to take this relationship even further as the two countries emerge from COVID-19.

The strategy will serve to help guide both sides towards an inclusive and sustainable growth path, she added.

Australia is remaining committed to providing practical support to the country’s transformation, including promoting its existing development co-operation programmes, identifying new technology-based solutions, and helping the nation to mobilise necessary financial resources to achieve its ambitious goals.

Source: VNA

Vietnam-Australia investment, trade promotion centre inaugurated

Vietnam-Australia investment, trade promotion centre inaugurated

Vietnamese Ambassador to Australia Nguyen Tat Thanh attended a ceremony to inaugurate the Vietnam-Australia Trade and Investment Promotion Centre on November 20.

MORE NEWS

Artist goes bananas with rustic artworks

Dried banana bark might sound useless to many, but by using his creativity and skill, artist Phan Van Dac in Quang Binh Province creates vivid landscapes and soulful portraits.

Vietnam Airlines posts VND2.6-trillion net loss in Q1

Vietnam Airlines reported a net loss of over VND2.6 trillion in the first quarter of 2022, sending the national flag carrier’s accumulated loss up to VND24.5 trillion, or over US$1 billion.

Developers clamour for legal clarity

Real estate leaders suggest that detailed regulations are needed to promote a healthy condotel, officetel, and resort villa sector in Vietnam.

Soaring petrol price impacting multitude of industries

A surge in the world’s oil price is benefiting oil and gas businesses, but causing difficulties for other producers and pressurising the government’s efforts to rein in inflation.

Preserving the Mekong Delta's floating markets

The Mekong Delta's famed floating markets, where speciality products are sold on boats, provide a unique environment thatnbsp;is popular amongnbsp;both local and foreign visitors.

Lifebuoys available on rivers to prevent drowing

Tens of red and white lifebuoys have recently been hung on Long Bien Bridge crossing the Red River, Hanoi by a group of volunteers in the hope of saving drowning victims.

Urgent action needed on primate protection

A report by ENV showed that only 30% of total poaching violations in Vietnam were discovered, while 70% were unknown, meaning that the number of the langurs hunted in the forest was unclear.

Dried-frog products bring good income for farmers in An Giang

The road to the “dried-frog village” in Vinh Trung commune in Tinh Bien district in An Giang province gets especially busy beginning at 3 pm, when men set out to catch tree frogs.

31ST SEA GAMES: UPDATES MAY 22

SEA Games 31: Vietnamese judo team see gold number tripling target

Students at forum complain about academic, parental pressure

A forum titled ‘Dieu em muon noi’ (the things I want to say) was organized on May 17 at Giang Vo Secondary School in Hanoi, where students shared their thoughts about life and study after two years of being impacted by Covid-19.

SEA Games 31: Vietnam win over Thailand to take gold in women’s football

The Vietnamese women’s football team had a 1-0 win over the Thai rivals to take the gold medal in the final match on May 21 at Cam Pha Gymnasium, Quang Ninh province, at the on-going SEA Games 31.

VN manages to control public debt

Viet Nam managed to control public debt within a safe level with gradually slowing year-on-year increases. However, according to the Ministry of Finance, the economy was severely hit by the COVID-19 pandemic in the past three years.

Hanoi needs to combine green growth with urban development

The capital Hanoi is focusing on urban development towards green and sustainable growth and building a smart and modern city.

Phu Yen man makes unique plates from sea grape leaves

Nguyen Van Tuyen, a 38-year-old man from Phu Yen, has successfully designed and produced environmentally-friendly plates made from the leaves of sea grape, a tropical tree.

Bad vendors put e-commerce at risk

Smuggled, counterfeit and low-quality products have begun to spread rapidly on e-commerce platforms as the absence of physical product touch in online shopping puts buyers at a disadvantage.
back_to_top