Vietnam's wood and textiles have great potential for export to Australia.

Amid difficulties in the wood and textile industries in the European market, Australia is a promising market for Vietnamese businesses.

Australian Consul General in Ho Chi Minh City Sarah Hooper delivered the opening speech at the seminar on September 6 - Photo: NGHI VU

Exports of wood and wood products from Vietnam to Australia increased by 11%

During a seminar on maximizing import and export opportunities between Vietnam and Australia on September 6, officials from the Ministry of Industry and Trade noted that with the support of free trade agreements (FTAs), Australia is a market with great potential for Vietnamese businesses.

Both countries are currently members of the ASEAN-Australia/New Zealand Free Trade Agreement (AANZFTA); the Comprehensive and Progressive Agreement for Trans- Pacific Partnership ( CPTPP ); and the Regional Comprehensive Economic Partnership (RCEP).

According to Deputy Director To Ngoc Son of the Asia-Africa Market Department, Ministry of Industry and Trade, import-export turnover between Vietnam and Australia increased by an average of 14% per year in the period 2010-2022.

Mr. Son also noted that wood and wood products, footwear and textiles are areas with much room for export to the Australian market.

In 2022, Australia became Vietnam's 7th largest trading partner. In contrast, Vietnam is Australia's 10th largest trading partner.

Australia is the world's ninth largest importer of wooden furniture in 2022 and is increasing imports from Southeast Asian countries. Mr. Son pointed out that Vietnam, Malaysia and Indonesia are the leading countries.

Specifically, Vietnam's exports of wood and wood products to Australia increased by 11% in 2022, reaching 187.9 million USD.

In addition, Vietnam's footwear exports to Australia also reached 438.6 million USD, up 41.6% in 2022. Textile and garment exports to Australia also increased by 27.4% last year, reaching 449.7 million USD.

Vietnam has a huge demand for importing Australian cotton.

Based on free trade agreements that both Australia and Vietnam are members of, Mr. Son is confident that Vietnamese textiles and footwear can completely dominate the Australian market.

Mr. To Ngoc Son, Deputy Director, Asia - Africa Market Department, Ministry of Industry and Trade - Photo: NGHI VU

Speaking at the seminar, Mr. Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy Department, Ministry of Industry and Trade, also proposed a feasible approach for Australian businesses to access the Vietnamese market.

According to Mr. Khanh, Vietnam's demand for imported cotton from Australia is still very large to serve garment production to meet the needs of demanding markets. Typically, the US is particularly concerned about the use of forced labor in cotton production.

“Vietnam has been buying cotton from Australia, but there is still room to buy more as Vietnam’s textile exports have increased dramatically,” said Mr. Khanh.

"We are two mutually supportive economies. We are more partners than competitors. Our production chains are increasingly intertwined. Together, we export to markets around the world," said Australian Consul General in Ho Chi Minh City Sarah Hooper.

tuoitre.vn