Vietnam -Australian: Fastest-growing Trade Turnover in ASEAN

The Vietnam Australia two-way trade turnover nearly doubled from 2000 to 2009 and accounted for 8 % of Australia's total trade with ASEAN.

 

Mr Michael Mugliston, special negotiator at the Free Trade Agreement Division of Australia’s Department of Foreign Affairs and Trade, said: Australia’s trade with Vietnam was AUD3 billion in 2000 and stood at AUD5.9 billion last year, with a surplus for Vietnam.

 

He said although the trade turnover between Vietnam and Australia rose only 1 % in Australia's total trade with ASEAN compared with 2000, the two-way trade revenue between Australia and Vietnam has increased rapidly in the past years.

 

According to the Australian Consulate General in Ho Chi Minh City, Australia’s trade turnover with Vietnam climbed 20 % a year on average in the past five years before sliding in 2009 due to economic slowdown. This is the biggest gain in Australia's trade with ASEAN partners.

 

In ASEAN bloc, Singapore is the largest trade partner of Australia with 30 % of the value, or AUD23 billion in 2009, followed by Thailand (25 % and US$19.2 billion), Malaysia (17 % and US$13.3 billion), and Indonesia (15 % and US$11.3 billion).