With numerous advantages coming from bilateral and multilateral free trade agreements (FTAs), there remains ample room to boost Vietnamese agricultural exports to Australia moving forward, according to insiders.

The first two months of 2024 saw Vietnamese seafood exports to Australia edge up by 18.06% year on year to US$45.15 million, making Australia Vietnam’s fifth largest seafood export market after Japan, the United States, China, and the Republic of Korea, reported the General Department of Vietnam Customs.

Vietnam was also the second largest seafood supplier for Australia, accounting for 19.8% in volume and 21% in value of Australia’s total seafood imports last year.

Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, pointed out that despite dissimilarities in the structure of seafood products between the two countries, several Vietnamese seafood products have managed to secure a firm foothold in the demanding market.

Most notably, Vietnamese shrimp products account for more than 70% of Australia’s total shrimp import value, while the market share of pangasius accounts for nearly 100% of the total Australian import value.

Aside from seafood products, Australia has also moved to increase its import of fruit and vegetables from Vietnam, mainly mangoes, longans, lychee, and dragon fruit, with export volume reaching 4,200 tonnes worth US$14.5 million last year, making up 50.6% of Australia’s total imports.

Experts said Australia is a market that has erected stringent technical barriers, labeling requirements, and food safety and hygiene standards which can be seen as being even higher than those in the US and the EU.

Vietnam is therefore required to tighten control over quality of products, complete the registration system, evaluate the issuance of growing area codes, and control packaging and processing facilities in order to fully tap into the Australian market.

VOV