Vietnam scored a trade surplus of US$1.93 billion with Australia in 2014, according to figures from the Ministry of Industry and Trade.
Vietnam’s exports to Australia last year reached US$3.99 billion, up 13.7 percent against 2013 while its imports from the world’s 12th largest economy were worth US$2.06 billion.
While crude oil is Vietnam’s key export commodity to Australia with a share of 46 percent of the total value, agro-products and seafood posted the strongest growth.
Products in the manufacturing and processing sectors such as steel, electric cables, transport vehicles and spare parts, garments, bags, umbrellas and hats saw strong increases but computers, electronic products and components, phones and components showed signs of decline.
To maintain export growth to Australia, a market with a lot of room for Vietnamese products, besides creating favorable and stable legal conditions, the ministry also asks export enterprises to make meticulous preparations to meet the market’s strict requirements.