Participants at a workshop held in Sydney on September 21 advised Vietnamese companies to study the local market and export regulations to successfully penetrate the Australian market.
The event was held by the Vietnam Sydney Business Association in collaboration with the Vietnam Trade Representative Office in Australia and was attended by more than 20 companies from Vietnam and enterprises run by Vietnamese-Australians and Australian experts in insurance, real estate and finance.
According to Hoang Vi Cao, owner of an export company in Sydney, Vietnamese companies need to carefully study Australia’s export regulations for each product and thoroughly understand the Australian market to export products.
Nguyen Hoang Thuy, Vietnam’s Chief Trade Representative in Australia, said the local trade and tax policy is relatively transparent but non-tax barriers such as regulations on quality and sanitation pose challenges.
Vietnam’s exports to Australia face difficulties in quarantine and market penetration, said Thuy.
Despite the challenges, Australia is a big market for Vietnamese products and Vietnamese companies need to conduct market research and offer tax incentives for export goods under the ASEAN – Australia/New Zealand free trade agreement (AANZFTA), according to Thuy.
They also need to build long-term business strategies focusing on building consumer confidence in Vietnamese products, creating brands and diversifying and improving product quality, she added.