The Asia-Pacific Market Department held a seminar, in Hanoi on July 28, to publicise information regarding the markets in Australia and New Zealand and the AANZFTA, in a bid to boost Vietnam's exports to these countries.
Deputy Director of the Asia-Pacific Market Department Nguyen Phuc Nam said that the Australian and New Zealand markets play an increasingly important role in trade relations with Vietnam.
Nam noted that the two countries are potential markets for a number of Vietnamese exports, including agricultural products, seafood, coffee, cashew nuts, computers, phones, electronic products, garments and textiles, footwear, and construction materials, amongst others.
Australia is also among the countries with the highest imports and depends greatly on imports to serve domestic production and consumption. In addition, the AANZFTA, effective from January 2010, plays a crucial role in fostering the commercial and investment relations between ASEAN, Australia and New Zealand.
Nam emphasised that under the agreement, the relevant countries agreed to cut down 90-100% of tax lines from 2010 to 2020.
Nam hoped that the dissemination of information regarding the advantages given by the agreement will help Vietnam to utilise these advantages and boost the export of goods to the two markets.
According to the Ministry of Industry and Trade, Vietnam and Australia posted a two-way trade revenue of US$5.26 billion in 2016, up 6.5% compared to 2015. Of which, Vietnam reported an export revenue of US$2.87 billion and an import revenue of US$2.39 billion, resulting in a trade surplus of US$480 million.
