AsemconnectVietnam - According to the statistics figures from the General Department of Customs, Vietnam's export turnover to the Australian market in the first 11 months of 2023 reached more than 4.8 billion USD, down by 4.8% compared to the previous year.

In the first 11 months of 2023, the group of all kinds of phones and components led the export turnover, reaching 571.8 million USD, down by 21.4% over the same period last year, accounting for 11.8% of the export proportion. The next was crude oil, accounting for 11% of exports, reaching 533.9 million USD, an increase of 53.3%.
Some items have increased export turnover compared to the same period last year: the exports of textiles and garments increased by 5.78%; confectionery and grain products increased by 92.2%; paper and paper products increased by 24.5%; cameras, camcorders and accessories increased by 25.9%; clinker and cement increased by 152.8%; plastic raw materials increased by 57.7%.
In Australia, technical barriers, labeling requirements, and food hygiene and safety are very strict, some standards are even higher than those in the US and EU. Besides, agricultural products are also subject to great competition from other countries in the Australian market.
Vietnam and Australia are currently common members of at least 3 FTAs including the CPTPP Agreement, the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN Australia - New Zealand Free Trade Agreement (AANZFTA). If the CPTPP and AANZFTA Agreements help reduce tariffs, the RCEP Agreement helps businesses take advantage of rules of origin requirements. This helps export growth between Vietnam and Australia stay high.
To take advantage of opportunities from FTAs, especially new generation FTAs like CPTPP, businesses need to pay attention to standards, product packaging, improve production processes, and meet food and environment standards on antibiotic residues, pesticides, etc. At the same time, businesses need also build and implement a sustainable development strategy. Nowadays, greening, digitalization, cleanliness, etc are the trends. In addition, businesses need to diversify supply sources, cooperate to reduce costs, and meet rules of origin as well as regularly update market information through import partners.
CK
Source: VITIC