The ongoing official visit of National Assembly (NA) Speaker Vuong Dinh Hue to Australia is also expected to open up new opportunities for bilateral cooperation to help transform those ties into a comprehensive strategic partnership.
Vietnam and Australia are currently members of at least three free trade agreements (FTAs), namely the ASEAN-Australia-New Zealand FTA (AANZFTA), the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) and more recently, the Regional Integral Economic Association (RCEP).
Thanks to these agreements, bilateral trade reached $12.4 billion in 2021, almost 50 percent more than a year earlier, and exceeded $12 billion in the first nine months of the year, the 31.5 percent more than the previous year.
According to the Bureau of Commerce of Vietnam In Australia, the possibility of Vietnamese products entering the Australian market is very favorable, as the tax rate applied to exports from Vietnam to Australia it was reduced to almost zero percent.
Notably, at the end of 2021, both countries signed a strategy to strengthen economic ties with the aim of making the two countries top 10 trading partners for each other and double bilateral investment. This is a prerequisite for creating favorable conditions for companies from the two countries to expand cooperation.
Chu Thang Trung, deputy director of the Department of Trade Resources at the Ministry of Industry and Trade, pointed out that expanding exports to the Australian market can help companies diversify markets and take advantage of FTA opportunities./.
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