|Tuesday, Jun 5, 2018|
HCMC – Vietnamese consumers have shown a high demand for products imported from Australia, but domestic businesses have yet to fully exploit the potential of this market, according to a speaker heard during a seminar on Vietnam-Australia trade held on Monday.
At the seminar, jointly held by Tien Thinh International Migration and Investment Consulting Co Ltd and the Vietnam Chamber of Commerce and Industry (VCCI), Gary Dawes, a trade promotion senior consultant and representative of the Business Council of Australia, said there exists an imbalance in bilateral trade between the two countries.
Accordingly, Vietnam currently ranks 13th among Australia’s 15 largest importers, but is not listed as one of the 15 countries exporting the largest volume of goods to Australia.
Under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), 96% of duties have been eliminated since 2010 for businesses in countries involved in the agreement, while all remaining duties will be abolished by 2020.
Vietnamese businesses should make use of benefits made available in the agreement, as Australia, the fifth largest market in the Asia-Pacific region, is also a gateway for local firms to penetrate into other regional markets, Dawes added.
However, it is not easy to enter this market due to stringent quality requirements. Businesses should cooperate with experts who have a superior command of the Australian market.
Le Thanh Tung, director of Tien Thinh International Migration and Investment Consulting Co Ltd, which is a wholly Australia-invested firm, said a large number of Vietnamese companies are trading in the retail, restaurant and import-export sectors in Australia, and many of them have achieved success in their business.
At present, Australian firms are in dire need of Vietnamese commodities, such as farm produce, confectionery, cereal-based products, footwear, phones, computers and accessories.
Tran Thi Chau Loan, chairwoman of Nam Chau Son Foods JSC, told the Daily on the sidelines of the seminar that Vietnamese consumers prefer Australian beef and wine, while Australians purchase large amounts of Vietnamese tropical fruits. Meanwhile, AANZFTA has created favorable conditions for Vietnamese and Australian enterprises to offer high-quality products at reasonable prices.
Enterprises should understand consumers’ demands to assure that they provide appropriate products and legalize their businesses. It is also important for local enterprises to comply with the requirements of their partners, Loan added.
It was also noted that Vietnamese commodities are less competitive than those coming from other countries, especially farm produce, due to underdeveloped preservation and processing technologies.
Source: The Saigon Times.
To view the original version, please click http://english.thesaigontimes.vn/60277/Australia-considered-a-highly-potenti
More photos from AusCham Executive Director, Michael Roberts and Director of the Board, Cecilia Trandang attended the Tien Thinh International – Migration & Investment Opportunities in Australia Conference (MIOA), HCMC, Danang and Hanoi
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