(VNF) - Two-way trade between Vietnam and Australia hit more than US$ 3.63 billion in the first seven months of this year, says the Vietnam General Department of Customs.

Illustrative photo: Vietnam-Australia enterprises dialogue in July 2017 (source: VNA)

Accordingly, from January to July, Vietnam’s exports value to Australia hit nearly US$ 1.87 billion (up 21.4% ) while imports value from the trade partner was recorded at US$ 1.76 billion (up 34%) against the same period last year.

Vietnam enjoyed a trade surplus of US$110 million with Australia in the first seven months of 2017.

According to the Vietnamese Trade Office in Australia, telecom equipment and parts, computers and electronic devices still tops the list of Australia's major imports from Vietnam, with a total value of USD USD 626.6 million, marking an increase of 22.5%, compared to the same period in 2016.

Meanwhile, Vietnam’s major import from Australia is metal (USD 374.8 million) and wheat (USD 303.7 million).

The opportunities for Vietnam to tap the Australian market are huge if businesses create competitive products up to international standards, economic experts have said.

According to the Ministry of Industry and Trade, Vietnam and Australia enjoy favourable conditions to boost economic and trade ties.

For example, the enforcement of the free trade agreement between ASEAN, Australia and New Zealand has helped increase Viet Nam-Australia trade ties, creating a significant milestone in the two countries’ relationship.

Since Vietnam and Australia normalised relations in 1973, bilateral ties have been reinforced by external affairs, trade, and economy.

Bilateral rapport has developed since the two nations set up a comprehensive partnership in 2009, especially in economy and trade.

In 2016, two-way trade reached US$5.26 billion, a year-on-year increase of 6.5 per cent./.

( VNF )