CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s prospect to infiltrate Australian market
Nguyen Tung 16:14, 2018/01/07
Vietnam Trade Representative in Australia stated that the country continue to be the potential market for Vietnam’s fisheries in 2018.
Based on statistics from the Vietnam General Department of Vietnam Customs, in the fist 11 months of 2017, two-way trade value between Vietnam and Australia reached US$ 5.9 billion, in which Vietnam’s export value to Australia was US$ 2.96 billion, up 13% and the import value settled at US$ 2.92 billion, an increase of 32% compared to the same period of 2016.
 
In the past five years, Vietnam has been the largest supplier of processed shrimps for Australia.
In the past five years, Vietnam has been the largest supplier of processed shrimps for Australia.
Among 33 categories of main exporting goods to the Australian market, mobile phones and related acccessories topped the trade value with US% 582.49 million, amounting to 20% of total export value to Australia and an increase of 7% over the last year’s figure; computers and accessories came at second place with US$ 355.38 million, amounting to 20% of export value to Australia with an increase of 13%; crude oil is the third largest traded value with US$ 220.32 million, up 34%; and the fourth is footwear with US$ 205.66 million, up 9%.

In the first 11 months of 2017, the majority of Vietnamese goods exported to Australia has experienced an increase in trade value; notably, some categories of goods have high growth rate such as electronic devices of 283%; steel products of 161%; transportation vehicles and autoparts of 86%; toys, sport accessories up 58%; chemical products of 51%; handicrafts up 39%.

Seafood is one of Vietnamese products with high potential to export to Australia, as the country consumes nearly 1 million tons of seafood annually. However, domestic suppliers only meet 30% demands of Australian market, while the remaining 70% is imported from abroad, including shrimps, octopus, canned fish and cuttle. It is forecasted that the trend of seafood import will increase, which is proportional with the growing scale of population and customers’ favor of seafood. 

At present, Vietnam is the fourth largest seafood supplier to Australia, after Thailand, New Zealand and China, but only accounted for 11% of the market share. With regard to shrimp, Vietnam is the largest supplier to Australia, contributing 35% of the total export value. 

In December, trade value of fishery products was estimated at 714 million USD, taking the total value of Vietnam’s seafood export in 2017 at 8.32 billion USD, up 18% compared to the previous year’s figure. The US, Japan, China and Korea are the top 4 import markets of Vietnam’s seafood, accounting for 55.3% of export value for fishery products. 

Vietnam Trade Representative in Australia stated Australia continue to be the potential market for Vietnam’s fisheries. In the past five years, Vietnam has been the largest supplier of processed shrimps for Australia. Despite the market’s strict requirements, it is considered a promising market for Vietnamese firms due to high and increasing demand. Meanwhile, Australia tends to narrow down its import markets and focus on only major ones, which is also an advantage for Vietnam.

Currently, Australia is the 7th largest market of Vietnamese shrimps, which consumes 3.6% of the country’s total shrimp export volume. In 2016, Vietnam earned 114.6 million USD from shipping shrimps to Australia, 78 percent of which was processed shrimps. 
Comments
Other news
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.