Trade between Vietnam and Australia is expected to see strong growth once the Trans-Pacific Partnership (TPP) agreement – which involves the two of them and 10 other countries – comes into effect.
Trade between Vietnam and Australia is expected to see strong growth once the Trans-Pacific Partnership (TPP) agreement – which involves the two of them and 10 other countries – comes into effect.
According to the Vietnam Trade Office in Australia, the two nations had similar benefits and approaches during the TPP negotiation process. Australia carried out numerous initiatives to accelerate the completion of the world’s largest free trade agreement while helping Vietnam in its international integration.
Vietnam and Australia are mutually important trade partners. From 2005-2014, trade posted an average growth rate of 7.83 percent annually, doubling to over 6 billion USD in 2014 from 3 billion USD in 2005.
Australia is now the eighth biggest importer and 12th biggest exporter of Vietnam while the Southeast Asian country is Australia’s 14th largest importer and exporter.
Under the ASEAN-Australia-New Zealand free trade agreement, which enters into force on January 1, 2010, Australia and New Zealand will remove taxes imposed on all Vietnamese products exported to the two countries by 2020. From 2015-2019, 96.3 percent of export tariffs will be decreased to zero, while the remaining 3.7 percent will remain at 5-10 percent, mainly on insect pesticides, leather, cloth, machines and equipment.
With the freshly-reached TPP, both Vietnam and Australia play a central role in the value chain of the Asian-Pacific region, which will boost their bilateral trade, production and investment.
Regulations on trade and customs facilitation and transparency will create favourable conditions to increase trade while compatible investment and intellectual property principles will help facilitate Australian investments in Vietnam.-VNA
Once ratified by member country parliaments, the newly-reached Trans-Pacific Partnership agreement will open up a new road to the future of cooperation and integration in the region.
The Trans-Pacific Partnership deal (TPP) will offer more business opportunities for local small- and medium-sized enterprises (SMEs) though many challenges still remain, experts said.
Vietnam stands to gain the most among 12 countries concluding the Trans-Pacific Partnership (TPP) deal’s negotiation early this week, said the Los Angeles Times on October 8.
Vietnam could experience increasing trade deficit in the initial stage of joining into Trans-Pacific Partnership (TPP) due to higher foreign direct investment.
International credit rating agencies on October 12 said the Trans-Pacific Partnership (TPP) deal was credit positive for participating sovereigns including Vietnam.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Despite global economic uncertainties, Binh Duong has maintained strong momentum in both exports and industrial production during the first half of 2025.
Illustrative image (Source: VNA)
