Global Economy: Vietnam And Australia Strengthen Cooperation In Textile And Clothing

Hanoi, Vietnam News Agency - According to the statistics of the Australian Trade and Investment Commission (Austrade), Vietnam will be the largest export market of Australian raw cotton in 2022 (accounting for 38.8%). It is expected that Vietnam will continue to maintain its leading market share in the next few years.

In recent years, with the full use of the opportunities brought by various free trade agreements, the bilateral trade volume between Vietnam and Australia has continued to soar. In 2022, the bilateral trade volume between the two countries will reach US $15.7 billion, up 26.9% year on year, making Australia the seventh largest trade partner of Vietnam. Among them, Vietnam exported US $5.6 billion to Australia, up 26.2%, and imported US $10.1 billion from Australia, up 27.3%.

According to the report of Vietnam Textile and Clothing Group (Vinatex), in 2022, Vietnam's textile and clothing exports will reach US $44.5 billion, with a year-on-year growth of 10.5-11%, ranking the third in the world after China and Bangladesh. In the first five months of 2023, Vietnam's textile and clothing exports reached US $14.42 billion, a year-on-year decrease of 21.42%.

However, the demand for raw cotton import of domestic textile and clothing enterprises is increasing, bringing the import volume and import volume of raw cotton up sharply. In 2022, Vietnam will import 1.7 million tons of raw cotton from 11 markets (the largest is the United States, followed by Brazil and Australia), with an import volume of 3.3 billion dollars.

According to the Australian Trade and Investment Commission, from 2020-2022, Australia's raw cotton export to Vietnam will increase from 78 million Australian dollars to 1.69 billion Australian dollars.

Rob, representative of Australian Cotton Exporters Association (ACSA) Cairns) said that Australia hopes to deepen its relationship with Vietnam's textile and clothing industry to meet the growth demand of the market in the coming years.

The Ministry of Industry and Commerce of Vietnam said that textile and clothing is one of Vietnam's leading economic industries and the third largest export industry in the country. Vietnam strives to achieve the goal of US $45 billion in textile and clothing exports by 2023 and US $680-70 billion by 2030. (End)