Vietnam Imports Of Services And Goods
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Trade between Australia and Vietnam is worth billions: in 2017 there was AU$9.7 billion in merchandise trade between the two countries and AU$3.5 billion in services trade. Are you hoping to export to Vietnam? Do you want to make the most of this excellent relationship? TSL is here to help. We offer a comprehensive freight forwarding service for businesses throughout Australia and the world. We can organise great-value sea and air freight services to Vietnam and will ensure your goods arrive there with zero hassle.
What Is A Service Import?
It’s probably clear to you what a goods export is – but what do we mean when we talk about Vietnam imports of services? A service export is any service provided by a resident in one country to a company or people in another. Such services can cover a wide range of industries. The following are ways Vietnam imports of services from Australia may be carried out:
- An Australian translation company providing translation services to clients in Vietnam
- Vietnamese residents ringing call centres in Australia and using their services
- Rents paid by an Australian resident or company for property in Vietnam
- Use of Australian franchises in Vietnam
- Australian visitors to Vietnam using local services such as shops, hotels and tours
The main service imports from Australia to Vietnam are related to education-related and personal travel. Vietnam’s increased focus on a market-based economy over recent years, as well as its significant economic growth, has meant a higher demand for training and education services. The need for training in areas such as English language, business and management and IT is high, particularly in the country’s main urban centres.
|Vietnam fact file
Population: 93 million
Top import sources: China, Republic of Korea, and Japan
Key goods imports from Australia: Telecommunications equipment, footwear, monitors/projectors/TVs
Key services imports from Australia: Education-related travel, personal travel
Yearly goods trade with Australia: AU$9.7bn (2017)
Yearly services trade with Australia: AU$3.5bn (2017)
Free Trade Agreement with Australia?: Yes, the AANZFTA.
Sea And Air Freight Services To Vietnam With TSL
If you want to export to Vietnam, you will need to decide whether it makes more sense to transport your goods using sea or air freight services to Vietnam. Transporting goods to Vietnam by plane is by far the quickest method of transportation. It typically takes between one and six days for goods to reach Australia from Vietnam. Airfreight is the logical choice if your consignment is not too bulky or heavy, and your budget allows you to invest in air transportation.
Economic Partnership Agreements
Trade between Vietnam and Australia is covered by the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). This pact delivers extensive tariff reduction and greater certainty for suppliers of services and investors. The countries of the ASEAN, after all (the Association of Southeast Asian Nations), belong to one of the most dynamic economic regions in the world. The AANZFTA has eliminated many of the import tariffs for trade between these two countries since it came into force in 2010.
At the time of writing, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) had also just been signed – but was not yet in force. This agreement covers Australia and Vietnam, along with nine other countries. You can find out the latest about Australia’s active free trade agreements from the Australian Government’s Department of Foreign Affairs and Trade.