As we approach 50 years of Australia-Vietnam relations, the countries' bilateral relationship continues to deepen. Vietnam's impressive growth trajectory and regional leadership present a valuable opportunity for Australia and Vietnam to strengthen their economic ties and contribute to wider economic resilience in the ASEAN region.

Produced in collaboration with the Diplomatic Academy of Vietnam and funded by the Australia-ASEAN Council, this Perth USAsia Centre report provides a detailed overview of Australia-Vietnam economic engagement, identifies areas for future growth, and provides policy recommendations for further integration.

To launch the publication, authors Dr Huong Le Thu and Sonia Arakkal will join an expert panel to discuss the report's key findings and how it could help governments and businesses capitalise on the growing synergies between the two countries.

Register now for this free event on Tuesday 23 August 2022 at 2 pm AWST. Source: Perth USAsia Centre / DFAT | Graphic: Perth USAsia Centre

An increase in middle-income households in Bangladesh has raised demand for healthy, high-quality food, and beverages across the country. This is creating opportunities for Australian agricultural exports, including diary, citrus, table grapes, grain, oil seeds and pulses, according to Austrade.

Australia exported a record $1.2 billion in agricultural, fisheries and forestry products to Bangladesh between July 2021 and June 2022. However, the value of Australian horticulture exports to Bangladesh fell in 2021-2022 due to poor seasonal conditions. Australia is an important supplier of dairy products to Bangladesh. Milk powders and concentrates make up most of Bangladesh’s dairy imports. In 2021, cheese imports also grew to $9.6 million, a 36% increase on the previous three-year average.

Demand for fresh fruit, including citrus and table grapes, has increased substantially since 2017. Although, imports reduced in 2021 due to reduced demand from the tourism sector, recent demographic trends are expected to drive Bangladesh’s demand for fruits. The value of Australian grain, canola seed and pulse exports to Bangladesh increased by 180% in 2021–22. This was due to record Australian production, high global prices, and reduced production in Bangladesh. With food security concerns likely to rise, Australia has an important role as a reliable supplier of high-quality crop products to Bangladesh.

WA agrifood exports to Bangladesh reached $136.7 million in 2021-22, up 142% year-on-year from $56.4 million the year before. WA accounted for 11% of Australia's exports to Bangladesh. The largest exports to Bangladesh from WA were canola seeds worth $95.3 million, chickpeas worth $16.7 million and wheat worth $14.6 million. Bangladesh was WA’s seventh largest destination for canola seeds in 2021-22, but our largest market for chickpeas, accounting for 94% of the State's total chickpea exports.  More... Related: Australia-Bangladesh Trade Investment Framework Agreement | Bangladesh – Economic and trade information | Sources: Austrade / DFAT / Kate Pritchett, DPIRD | Photo: DPIRD [94% of WA's chickpea exports go to Bangladesh.]

The world’s largest online wine marketplace, Vivino, has launched in Australia, bringing a new export channel to the world’s wine lovers for Australian producers. Austrade says it will make it easier for producers to diversify into, and drive sales and marketing, in new markets worldwide.

Vivino has onboarded 50 Australian wineries and 30 retailers, importers, and distributors since its opening in Australia in 2021.

Vivino’s market entry couldn’t have come at a better time for Australian wineries seeking to diversify their business, according to Austrade. Vivino offers a new channel to market that is backed by insightful data and access to a global network of wine lovers. It also provides personalised data so wineries can track brand awareness, engagement, and sales at a global level.

According to Ewan Proctor, Vivino's Category Manager for Australia, the insights will help producers be more strategic about market entry. He said it helps them see the markets where their wine styles are rating well. In future, Vivino intends to pool Australian wines into a central fulfilment facility for export to the markets in which it operates. More... Source: Austrade | Photo: Matthieu Joannon / Unsplash

The co-convenors of negotiations on global e-commerce – Australia, Japan and Singapore – told participants at the World Trade Organisation (WTO) E-commerce Capacity Building Framework meeting last month that the digital economy offers benefits for all, including by reducing trade costs, improving productivity, and increasing access to, and participation in, global markets.

Over three days of meetings, discussion included: privacy, electronic transactions frameworks, e-invoicing, customs duties on electronic transmission, and cyber security. There are currently 86 WTO members participating in the negotiations on e-commerce, accounting for over 90% of global trade.  

Speaking on behalf of Ambassador Hung Seng Tan of Singapore, co-convenor of the initiative, First Secretary Mr Wei Guo Tang said: “We need to work harder and smarter. Working harder means members need to spend more time making creative attempts to resolve impasses and bridge differences. And working smarter requires us to change the way we work and instead of rehashing old positions, we should think out of the box and look ahead, rather than constantly looking into the rear mirror."

American investment management and financial services company Morgan Stanley says global e-commerce rose from 15% of total retail sales in 2019 to 21% in 2021. It now sits at an estimated 22% of sales.  The company says that, over the long term, the e-commerce market has plenty of room to grow and could increase from US$3.3 trillion today to US$5.4 trillion in 2026.  More... Source: WTO / Morgan Stanley | Photo: Christin Hume / Unsplash

The United Nations Food and Agriculture Organisation (FAO) recently released The State of Agricultural Commodity Markets 2022, a report which discusses how trade policies, based on both multilateral and regional approaches, can address today’s challenges for sustainable development.

The FAO says trade policies in food and agriculture should aim to safeguard global food security, address the trade-offs between economic and environmental objectives, and strengthen the resilience of the global agrifood system to shocks, such as conflicts, pandemics and extreme weather.

The report discusses the geography of trade, analysing food and agricultural trade and its patterns across countries and regions, its drivers and the trade policy environment. Comparative advantage, trade policies and trade costs shape the patterns of trade in food and agriculture. When comparative advantage plays out in the global market, trade benefits all countries. Lowering tariff barriers and reducing trade costs can promote trade and economic growth. More... Source and Photo: FAO