Hanoi (VNA) – Two-way trade between Vietnam and Australia isexpected to surpass the projection of 15 billion USD and set a new record in2022.
National Assembly (NA) Chairman Vuong Dinh Hue’s ongoingofficial visit to Australia is also hoped to open up new opportunities forbilateral cooperation to turn the bilateral ties into a comprehensive strategicpartnership.
At present, Vietnam and Australia are both members of atleast three free trade agreements (FTAs), namely the ASEAN-Australia-NewZealand FTA (AANZFTA), the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) and most recently the Regional Comprehensive EconomicPartnership (RCEP).
Thanks to these deals, bilateral trade hit 12.4 billion USDin 2021, up nearly 50% against the previous year, and surpassed the 12 billion USDin the first nine months of the year, up 31.5% year-on-year.
According to the Vietnam Trade Office in Australia, thechance for Vietnamese goods to enter the Australian market is very favourable,as the tax rate levied on Vietnam's exports to Australia has been brought down to almost 0%.
Notably, at the end of 2021, Vietnam and Australia signed astrategy to strengthen economic ties with an aim to turn the two countries into the top 10 trading partners of each other and double bilateralinvestment. This is a premise to create favourable conditions for businesses ofthe two countries to expand cooperation.
Chu Thang Trung, Deputy Director of the Trade RemediesDepartment under the Ministry of Industry and Trade, said that expandingexports to the Australian market can help enterprises diversify markets andtake advantage of opportunities brought about by FTAs.
However, it is necessary to prepare solutions to deal withtrade remedy investigations from this market in order to ensure legitimateinterests of enterprises, he stressed, adding that Australia has to date conductednearly 20 trade remedy investigations against Vietnamese exports.
The ministry has promoted coordination among ministries, sectorsand Government agencies at central and local levels in handling trade remedycases, and guided Vietnamese firms to handle these cases more effectively and bettermeet the rules of origin to take advantage of the benefits of the signed FTAs./.
The coming official visit to Australia by National Assembly (NA) Chairman Vuong Dinh Hue is set to help elevate the two countries’ strategic partnership to a new height, according to Vietnamese Ambassador Nguyen Tat Thanh.
A high-ranking delegation of the Vietnamese National Assembly, led by its Chairman Vuong Dinh Hue, will pay official visits to Australia and New Zealand from November 30 to December 7 at the invitations of Speaker of the Australian House of Representatives Milton Dick, President of the Australian Senate Sue Lines and Speaker of the New Zealand House of Representatives Adrian Rurawhe.
National Assembly Chairman Vuong Dinh Hue and the Vietnamese NA's delegation arrived in Canberra on November 29 evening (local time), starting an official visit to Australia from November 30 - December 3 at the invitation of Speaker of the Australian House of Representatives Milton Dick, and President of the Australian Senate Sue Lines.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
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While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Illustrative image (Photo: VNA) 
