Free trade agreements (FTAs) are a vital part of Australia's continued economic growth. FTAs are treaties between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial ties between participating countries. Australia currently has 3 FTAs with Vietnam.
Free trade agreements help boost economic and job growth in Australia, and deliver new growth opportunities to big and small Australian businesses through greater trade and investment. Australian consumers and businesses also benefit from improved access to an wider range of competitively priced imported goods and services.
Australia Vietnam Business Association recommends that Companies, SMEs and Corporates as part of their global marketplace initiatives consider developing export opportunities with Vietnam.
Vietnam consumers view Australian products as high quality and Australia suppliers are geographical in proximity to the Vietnamese Market, than suppliers in other western countries. There is a demand for imported products such as beef and poultry, dairy products, fruit and vegetables, wheat and other grains, organic fertilizers, cotton and wool, as well as processing equipment, technology and other machinery.
Vietnam is a leading exporter of rice, coffee, rubber, pepper and cashews as well as aquaculture products and various fruits. Due to the surge in Vietnam’s textile and garment industry, the country has a high demand to import cotton. Australia is one of the top five suppliers globally exporting cotton to Vietnam. The country is the largest aquaculture producers in South East Asia, exporting seafood to over 160 countries globally.
Enhanced Economic Engagement Strategy (EEES)
Many Australian businesses see enormous potential in developing business relations with Viet Nam, and through the Enhanced Economic Engagement Strategy (EEES), it will increase the economic growth and ongoing bilateral trade collaboration between the Australia the Viet Nam.