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VN sees $1.4b trade surplus with Australia

Update: October, 24/2014 - 08:13

The market has a high demand for imports where Viet Nam had the advantage, including apparel and footwear, as well as wood products, seafood and cashew nuts. — VNA/VNS Photo Trong Dat

HA NOI (VNS) — Viet Nam experienced a trade surplus of about US$1.4 billion in the past nine months with Australia, thereby making it Viet Nam's largest export market in the Oceania region.

Vietnam Economic News quoted the Ministry of Industry and Trade as saying that the value of the country's exports to Australia posted a 24.5-per cent year-on-year increase to $3 billion, with major export items including crude oil, mobile phones and components as well as seafood.

Other products recorded strong growth rates included steel and iron, electrical wires and cables, transport vehicles and components, pepper, metals and metallic products, and textiles and garments.

The Australian market has been providing foreign businesses, including Vietnamese, with numerous opportunities because of its significant dependence on imports for its industrial production and domestic consumption, according to the Vietnamese Commercial Office in Australia.

The market also has a high demand for imports where Viet Nam had the advantage, including apparel and footwear, as well as wood products, seafood and cashew nuts.

In spite of its great potential, Australia remains a challenging market to foreign suppliers, with Australian importers imposing strict product quality and delivery requirements and expecting lower-priced goods.

To facilitate Vietnamese exports to the market, the office has conducted a number of export promotion activities. In early August, it organised a trip for some Australian seafood businesses, who visited Viet Nam to explore aquaculture conditions and sign co-operation contracts.

Last September, businesses from southern Ca Mau Province received enough support to enable them to participate in Fine Food Australia, the largest annual food industry exhibition in Australia.

Later this year, a delegation of 10 Vietnamese textile and garments businesses are expected to take part in the Australian International Sourcing Fair, the only dedicated sourcing trade fair in the country. This is expected to create a business platform connecting international manufacturers with Australian brands and buyers across fashion and textile product categories.

Lasting from November 18 to 20, the event will be a good opportunity for Vietnamese businesses to introduce their major export products and increase their exports to this market. — VNS

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