Bilateral trade turnover hit close to US$12 billion, representing a year-on-year rise of 33.4%, a highly significant increase following turnover increasing to a record level in 2021.
Most notably, several Vietnamese export items continued to enjoy impressive growth amid numerous challenges, such as footwear up 30.83%, garments and textiles up 29.8%, seafood up 52%, iron steel up by 205%, timber and wood products by 26%, and coffee by 102%.
Agricultural products such as fruit and vegetables, and cashew nuts also enjoyed positive export growth.
Overall, bilateral trade goals have been achieved quickly under the direction of senior leaders from the two countries.
According to statistics, the past eight months of the year witnessed both sides become each other's top trading partners. In addition, Vietnam represents Australia's 10th largest trading partner, while Australia is the Southeast Asian nation’s seventh largest partner.
These figures are partly thanks to the contribution of the Vietnam Trade Office in Australia working on the implementation of the action plan, thereby achieving a balance between market research and trade promotion solutions.
According to details given by Nguyen Phu Hoa, head of the Vietnam Trade Office in Australia, recent times have seen the Trade Office strictly implement government policy on economic relations with Australia, as well as the direction of the Ministry of Industry and Trade and the Vietnamese representative agency in Australia.
In terms of operating methods, the Trade Office has continued to keep abreast with trends, quickly digitising the agency's activities before the COVID-19 pandemic to allow it to promptly support businesses during the recent difficult period.
Specific measures which the Vietnam Trade Office in Australia has applied include conducting policy and market research as part of efforts to bolster exports in a timely manner.
Furthermore, the Vietnam Trade Office in Australia has proposed a measure to "use brand leverage to improve the quality of agricultural products".
Following the direction set out by the Minister of Industry and Trade on expanding market space, the Trade Office has researched and developed many Vietnamese products' brands in Australia. This includes Ri6 durian, coconut, rice, frozen ginger, jackfruit, non-alcoholic beverages, toys, construction materials, and products for the energy industry.
Following policies set out by the Vietnamese Embassy in Australia, the Trade Office has also co-ordinated economic diplomacy schemes that can serve to boost long-term value such as building a brand to raise the value of Vietnamese pangasius and shrimp and keeping the country’s dominant market share in Australia.
The office has also followed the direction of the Consulate General of Vietnam in order to expand trade in Australian states and promoting two-way investment.
Regarding measures aimed at protecting the interests of local firms, Nguyen Phu Hoa said that the Trade Office has promptly consulted with relevant Australian agencies in order to protect the interests of Vietnamese businesses.
Upon assessing the overall strength of Vietnamese goods when entering the Australian market, Hoa said that thanks to the Government's management during and immediately after the COVID-19 pandemic, local goods are becoming increasingly rich and competitive.
Along with this, efforts made by local businesses aim to affirm the overall quality of Vietnamese goods in Australia and have created motivation and interest among local authorities in this market, thereby also helping to boost the strength of Vietnamese goods.
According to details given by the Vietnam Trade Office in Australia, although the trade targets have been completed, the situation from now until the end of the year faces many challenges.
The office is making more efforts in terms of implementing new promotion activities such as organising fairs featuring many key Vietnamese industries, product promotion activities such as a programme to support exclusive distributors to expand the market share of products in Australia through developing Vietnamese brands.
Moreover, the Trade Office will co-ordinate with Vietnamese associations in Australia to effectively carry out the campaign "Vietnamese people give priority to using Vietnamese goods”.
Moving forward, to further boost exports from the country to Australia, the Vietnam Trade Office in Australia states that a key solution will be to improve transportation and shorten the time shipping items to Australia.
Vietnamese agricultural product exporters should seek to ensure product quality uniformity, while consumer goods businesses must work alongside the Trade Office to promote branding and select exclusive distributors, as well as developing a stronger and more sustainable market share.
