Vietnamese timber exporters have plenty of opportunities to increase their shipments to Australia thanks to a trade agreement, a strong demand and a favorable geographical location. Vietnam exported US$66.7 million worth of timber and timber products in the first five months of 2018 According to the General Department of Customs, Australia is currently one of Vietnam’s ten largest importers of wood and timber products, with the figure estimated at US$66.7 million in the first five months of 2018, up 11.3 percent from a year earlier. Data from the International Trade Centre shows that Australia’s wooden furniture imports were worth US$362.8 in the first three months of the year, mainly from China, Vietnam and Australia. Research conducted by IBISWorld suggests that Australian consumers are open to imported wooden furniture and are mostly concerned about its quality, appearance and price without a strong emphasis on the country of origin. According to the Ministry … [Read more...] about Opportunities for Vietnam to boost timber exports to Australia
Export tax australia
Window of opportunity opens for Vietnamese agro-fishery exports to Australia
Window of opportunity opens for Vietnamese agro-fishery exports to AustraliaThe Saigon Times Daily HCMC – Major Vietnamese products, comprising farm produce and seafood, have been enjoying a tax cut to zero percent from Australia during the 2018-2020 period, creating favorable conditions for local enterprises to expand their business scales and boost shipments to the Oceanic country, Sai Gon Giai Phong newspaper reported. Vo Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry (VCCI), said Australia ranks eighth among the top importers of Vietnamese goods. Moreover, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signed on March 2018 will help cement Vietnam-Australia trade ties. Therefore, shipments of agro-fishery products to Australia will be more advantageous, the VCCI stated. Australia has strong demand for imports of fresh or processed aquatic products, wooden items and cashews. Besides this, the economic … [Read more...] about Window of opportunity opens for Vietnamese agro-fishery exports to Australia
Vietnamese garment firms expect to navigate Australia
Vietnamese garment firms expect to navigate and increase garment exports to Australia once the CPTPP takes effect. Photo: nhandan.com.vn Under the CPTPP, Australia will reduce import tax to 5 percent in the first three years after the CPTPP enters into force, and waive it from the fourth year. Truong Van Cam, Vice President and General Secretary of the Vietnam Textile and Apparel Association, said Australia’s apparel imports have grown stably over the past five years, 3-4 percent annually on average. Moreover, apparel retail prices in Australia are much higher the import ones, giving Vietnamese products an advantage. However, Australia’s garment imports from China have accounted for more than 60 percent in recent years. Apart from China, India is also working to enter the market. More than half of participating exhibitors in an international exhibition of garment materials held in mid-November in Melbourne were from China and one fourth were from India. In recent … [Read more...] about Vietnamese garment firms expect to navigate Australia
Vitas: Vietnam’s potential of exporting apparel to Australia is huge
Illustrative image (Source: VNA) HCM City (VNA) – Chairman of the Vietnam Textile & Apparel Association (Vitas) Vu Duc Giang has stated that Vietnam’s potential of exporting apparel to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states and Australia in particular is huge. During a seminar held in Ho Chi Minh City on May 11, Giang asked Vietnamese apparel exporters to devise a strategy to take advantage of incentives brought about by the deal and other free trade agreements signed by Vietnam. Amidst the fourth industrial revolution, firms need to invest in modern technology to meet stringent demand of customers, he said. Vitas Vice General Secretary Nguyen Thi Tuyet Mai said in order to tap tax incentives in FTAs, firms must meet demand for rules of origin and control supply chain in the region. In the near future, Vitas will hold more seminars on CPTPP terms and connect domestic fiber manufacturers, weaving … [Read more...] about Vitas: Vietnam’s potential of exporting apparel to Australia is huge
CPTPP likely to increase garment exports to Australia
Viet Nam’s turnover from textiles and garment exports to Australia is predicted to reach a double-digit growth after the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This was said at a workshop in Ha Noi on May 9. Jointly held by the Vietnam Textile and Apparel Association (VITAS) and the IEC Group of Australia, the event focused on measures to help Vietnamese textiles and garment enterprises increase exports to Australia. According to Nguyen Phuc Nam, deputy director of the Department of Asia-Pacific Market under the Ministry of Industry and Trade, Australia is a potential market for Vietnamese textiles and garment exporters, although the market share of Vietnamese products in Australia remains small. Truong Van Cam, vice chairman and secretary general of VITAS, said the current growth of textiles and garment exports to Australia was just below 10 per cent, but with the signing of CPTPP, the rate was expected to reach a … [Read more...] about CPTPP likely to increase garment exports to Australia
CPTPP likely to lift Vietnam’s garment exports to Australia
Jointly held by the Vietnam Textile and Apparel Association (VITAS) and the IEC Group of Australia, the event focused on measures to help Vietnamese textiles and garment enterprises increase exports to Australia. At the workshop. Photo: kinhtevadubao.vn According to Nguyen Phuc Nam, Deputy Director of the Department of Asia-Pacific Market under the Ministry of Industry and Trade, Australia is a potential market for Vietnamese textiles and garment exporters, while the market share of Vietnamese products in this market remains small. Truong Van Cam, Vice Chairman and Secretary General of VITAS, said that the current growth of textiles and garment exports to Australia is just below 10 percent, but with the signing of the CPTPP, the rate is expected to reach a double-digit growth. Reports delivered at the workshop showed that total textiles and garment import turnover of the CPTPP member countries exceeded 53 billion USD in 2017, of which Australia was the third biggest … [Read more...] about CPTPP likely to lift Vietnam’s garment exports to Australia
Hoa Phat exports wire drawing steel to Laos, RoK
The product was certified by the Standard Approval Center No.1 (Quacert 1) to meet standards of Vietnam (TCVN), the American Society for Testing and Materials (ASTM) of the US, the British Standards Institution of the UK, and the Japanese Industrial Standards. With nine production lines of wire drawing steel anVNAd one galvanizing line for the first phase, the plant’s capacity is estimated to reach 40,000 tons each year. The group targets revenue of VND 55 trillion (around USD 2.42 billion) and after-tax profit of VND 8.05 trillion (USD 354.6 million) in 2018. Its accumulated revenue in 2017 reached VND 46.8 trillion (USD some 2 billion), posting an increase of 38 percent year-on-year. After-tax profit also hit a record high to reach VND 8 trillion (USD 352.4 million), surpassing the set target by 33 percent and increasing 21 percent over the previous year. The group’s steel business played the key role, contributing some 90 percent of its total revenue and … [Read more...] about Hoa Phat exports wire drawing steel to Laos, RoK
Vietnamese firm wins anti-dumping steel lawsuit in Australia
A year-long Australian investigation into steel rods imported from Vietnam has concluded that there had been no breach of anti-dumping policies, the Vietnam Steel Association (VSA) said on Wednesday. The Australian Anti-Dumping Commission (ADC) released the results of the investigation on Monday, concluding a lawsuit filed against Vietnam, Indonesia and South Korea by an Australian firm. According to the ADC’s report, the dumping rate of steel rods in coil exported to Australia by Hoa Phat Group, the Vietnamese defendant, was only 1.3 percent, lower than the maximum legal threshold of 2 percent. Thus, the ruling was in Vietnam’s favor and the ADC had decided to end the investigation, TuoiTre reported. The investigation also found there had been no interference from the Vietnamese government in the production of steel rods, and therefore they held no unfair advantage. The ADC’s anti-dumping case and subsequent inspection was launched last June following … [Read more...] about Vietnamese firm wins anti-dumping steel lawsuit in Australia
Vietnam hopes for export boost from new CPTPP trade deal
(VEN) - Once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) enters into force, it will benefit all member countries. Vietnam is making greater efforts to take advantage of the trade agreement to expand export markets and increase export turnover. Opportunities for exports The CPTPP is a new free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Vietnam’s participation in the CPTPP will benefit the country, as it will contribute to boosting exports to major markets such as Japan, Australia, Canada and Mexico. The CPTPP will also provide opportunities for Vietnam to strengthen foreign direct investment (FDI) in fields that the country seeks to develop. In addition, the pact will force the country to make greater efforts in institutional reforms in order to create a more transparent business and investment environment. Vietnam’s garment and textile exports to the … [Read more...] about Vietnam hopes for export boost from new CPTPP trade deal
Opportunities to promote import-export growth Most Recent News
NDO – Implementing ten Free Trae Agreements (FTA) with many countries and territories, Vietnam has taken advantage of the agreements. In the 2018-2020 period, the tax reduction roadmap will be further promoted thus the tariff for many commodities is expected to drop to 0%, which will create new opportunities to increase import and export turnover, thereby boosting economic growth. Expectation from FTAs and records The Ministry of Finance is proposing ten draft Decrees on Vietnam’s special preferential import tariffs to implement ASEAN Free Trade Area, free trade agreements of ASEAN with Japan, India, Australia – New Zealand, the Republic of Korea (RoK) and China, as well as Vietnam – RoK, Vietnam – Japan, Vietnam – Chile and Vietnam – Eurasian Economic Union FTAs. The new Decrees aim to make commitments in intra-ASEAN. By the end of 2016, Vietnamese Government issued the Resolution No.109/2016/NQ-CP the list of ASEAN Harmonized Tariff version … [Read more...] about Opportunities to promote import-export growth Most Recent News