Export Finance Australia is Australia`s export credit agency and aims to help companies overcome the financial barriers they face when exporting. By offering a wide range of export financing solutions, it helps exporters take advantage of trade opportunities. Export Finance Australia also provides regularly updated country risk analyses. This realignment has already created increased opportunities for Australian businesses. In 1990, bilateral trade between the two countries was $32.3 million, but by 2019 it had grown to about $11.8 billion. This is nothing compared to the $252 billion in bilateral trade between Australia and China, and of course, realistically, it will never be achieved. But the report illustrates areas where there is additional growth potential for Australia`s trade with Vietnam and the potential to alleviate some of the anxiety that has developed about Australian-Chinese relations. Under WTO trade rules, countries cannot normally discriminate between their trading partners. If a country is to grant a trading partner a special favour such as a lower rate of duty on one of its products, it must be granted to all other WTO Members. This principle is called most-favoured-nation treatment. Describes the trade agreements in which this country is involved. Provides resources for U.S.
companies to obtain information on the use of these agreements. Once these trade agreements enter into force, they will allow Vietnam to use the reduced tariffs both within the ASEAN Economic Community (AEC) and with the EU and the US to attract exporting enterprises for production in Vietnam and export to partners outside ASEAN. Vietnam`s accession to these trade agreements will also ensure alignment with national standards ranging from workers` rights to environmental protection. The CPTPP and EVFTA require Vietnam to comply with International Labour Organization (ILO) standards. Ilo Chan Lee noted that this is an opportunity for Vietnam to modernize its labour laws and labour relations systems. Free trade agreements provide a mechanism to facilitate trade in goods. Each agreement contains information and links to relevant legislation, policies and opinions on rules of origin and access to preferential tariffs. With upcoming trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU (EVFTA), Vietnam appears to be prioritizing trading partners outside ASEAN. Vietnam became the 150th member of the WTO in 2007 and, after accession, promised to fully comply with the WTO Agreements on Customs Valuation, Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) Measures. The United States and Vietnam concluded a bilateral trade agreement (FTA) in 2000, which entered into force in 2001. Vietnam`s Ministry of Planning and Investment predicted that the CPTPP could increase Vietnam`s GDP by 1.3 percentage points by 2035, while the EVFTA could increase GDP by 15 percent. These trade agreements, as well as the free trade agreements already signed and to come, should ensure that Vietnam remains competitive in the short and medium term.
Vietnam has been one of Australia`s fastest growing trade markets in the ASEAN region, with an average annual growth of 11.9%. Vietnam is a member of the Association of Southeast Asian Nations (ASEAN) and subsequently a member of the ASEAN Free Trade Area (AFTA). Under AFTA, ASEAN members (including Brunei, the Philippines, Indonesia, Laos, Myanmar, Malaysia, Singapore, Thailand and Cambodia) have committed to making the region a competitive trading area. Apart from ASEAN countries, Vietnam has also signed trade agreements with the PRC, the Republic of Korea, Australia and New Zealand, India, Chile and Japan. It signed a bilateral trade agreement with Korea in 2015, as well as a trade agreement with the Russian-led customs union bloc. In 2019, Vietnam signed a free trade agreement with the EU. This agreement entered into force in August 2020. Vietnam is currently negotiating a free trade agreement with the EFTA countries (Norway, Iceland, Liechtenstein and Switzerland). Note: This list of sites and resources is not final. Inclusion in this list does not imply endorsement by Austrade. The information provided is only a guide.
The content is for informational purposes and bears no guarantee; as such, the recipient must exercise his own discretion in the use. Australia`s anti-corruption laws apply overseas and Austrade will not provide business-related services to parties who break the law and will report credible evidence of a violation. For more information, see About Foreign Bribery and the Awareness Pack. The Vietnamese government should also continue on the path of its reforms – strengthening the banking sector, eliminating corruption, refining legal and tax structures, and improving trade facilitation. The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is a trade agreement between Australia, New Zealand and the 10 countries that make up the Association of Southeast Asian Nations (ASEAN): Brunei Darussalam; Cambodia; Indonesia; Laos; Malaysia; Le Myanmar; the Philippines; Singapore; Thailand and Vietnam. Under the agreement, Vietnam does not levy import taxes on Australian wheat or barley. The benefits of free trade agreements will enable Vietnam`s economic development to shift from exporting low-tech manufacturing products and primary products to more complex high-tech products such as electronics, machinery, vehicles and medical devices. Creating contacts and networks often requires introduction through an existing contact or an official channel such as Austrade. Cold calling is generally not appreciated.
Visible anger or disappointment is seen as a sign of personal weakness and hinders the achievement of your goals. Moments of silence are acceptable during the negotiation. Don`t feel obligated to fill the silence. Barley has also resonated with livestock feed rations in Vietnam, especially after China introduced exorbitant import duties, which forced Australian exporters to actively promote alternative markets. In the 2018/19 marketing year, Vietnam imported only 133,000 tonnes of barley, almost exclusively malting barley for the brewing industry. This increased to nearly 200,000 tonnes in 2019-2020 and then to 750,000 tonnes in 2020-2021. The USDA has budgeted Vietnam for 800,000 tons in the current trading year. Vietnam Briefing is produced by Dezan Shira & Associates.
The company supports foreign investors across Asia from offices around the world, including Hanoi and Ho Chi Minh City. Readers can write to vietnam@dezshira.com for more support in doing business in Vietnam. Although the global economic slowdown has brought challenges, the long-term outlook for Australia-Vietnam trade and trade relations remains positive. There are many opportunities in industries for both countries, such as: Australia has trade initiatives or trade agreements with the countries or groups of countries listed in the table below. Free trade agreements (FTAs) exist when two or more countries agree on trade conditions between them. They determine the value of the duties and duties that countries impose on imports and exports. In 2007, with Vietnam`s accession to the World Trade Organization (WTO), it took an important step towards integration into world trade and the subsequent conclusion of several free trade agreements. .
