(VEN) – With 24 million consumers and an annual foreign trade value of more than US$600 billion, Australia offers an array of opportunities for Vietnamese goods. Export growth Trade between Vietnam and Australia grew an average of nearly 10 percent annually in the past decade. In 2017, it grew 22.1 percent. General Department of Vietnam Customs data show that in the first 10 months of 2018, bilateral trade reached nearly US$6.4 billion, up 20 percent compared with the same period in 2017. This included US$3.3 billion worth of Vietnamese exports to Australia, a rise of nearly US$615 million or 23 percent. Major Vietnamese exports to this market included machinery, equipment, spare parts, crude oil, telephones and components, textiles and garments, footwear, iron and steel, timber, wood products and seafood. The 2018 export value to Australia grew more than 20 percent. Free trade agreements (FTAs) have contributed to promoting bilateral trade growth. Since the ASEAN-Australia-New Zealand FTA (AANZFTA) took effect, trade between Vietnam and Australia has grown 9.89 percent annually (before the AANZFTA took effect, the growth was 2.04 percent). Bilateral trade is expected to soar after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect. The CPTPP is… Read full this story
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