Finance

Vietnam Independence Day - September 2

September 2nd 2019 marks Vietnam’s 72nd National Day.


Since their independence, Vietnam has achieved rapid economic growth – specifically since the 1990s. Following the establishment of diplomatic relations in 1973, bilateral links between Australia and Vietnam have developed significantly which in 2018, marked 45 years of diplomatic relations (1).


In the five years leading up to 2017, Vietnam was one of Australia's fastest-growing trade markets in the ASEAN (Association of Southeast Asian Nations) region. Averaging 12 per cent annual growth in bilateral trade, Vietnam today is positioned as Australia's fifteenth largest trading partner and Australia as Vietnam's seventh largest trading partner (1).


From 2017-2018, Australia's major exports to Vietnam (2) were: (A$M)


· Coal: 1,180 · Cotton: 466


· Iron ores & concentrates: 387


· Live animals (excl. seafood): 317


While Australia’s major imports from Vietnam included (2):


· Telecom equipment and parts: 1,616 · Crude petroleum: 973


· Footwear: 444


· Furniture, mattresses & cushions: 347


Vietnam's rapid economic growth over recent years has increased demand for imported goods, creating significant opportunities for Australian exporters of energy, dairy, meat, consumer goods, wheat and grains, machinery and services (1).


Assisting the logistics and transportation across these commodities, ANL’s four services AAX, AAX2, APR and KIX provide broad coverage between Australia and South East Asia. With many years of operation in the Oceania region, our local expertise provides customers tailored end to end support.


References:


https://dfat.gov.au/geo/vietnam/Pages/vietnam-country-brief.aspx (1) https://dfat.gov.au/trade/resources/Documents/viet.pdf (2)