Win for Australian Exports to Vietnam

Australian agricultural producers and manufacturers stand to gain significantly following Vietnam's agreement to extend Most Favoured Nation (MFN) treatment to Australia from tomorrow, 10 December 2004, Trade Minister Mark Vaile announced today.

"Australian exporters of grapes, apples, pears, fruit juices, cheeses and curds, a range of fresh vegetables and oils, cereal flours and meat products stand to benefit from significant tariff reductions," Mr Vaile said.

"Exporters of manufactured goods as diverse as manicure and pedicure products, parts for footwear, aerials, filters, and certain types of photographic equipment and paper will also be big winners from this announcement.

"The Government of Vietnam's decision to implement MFN on import tariffs is a welcome development for Australia. It accords with Australia's 1990 Trade and Economic Cooperation Agreement with Vietnam, and follows active representations in Canberra and Hanoi during the past three years.

"It will enhance Australia's prospects for an increased share of Vietnam's growing market for imported agricultural and manufactured goods and represents a further step in the full integration of Vietnam's economy with the international trading system.

"I urge Australian companies to make the most of this development. The Australian Government will continue to advance Australia's commercial interests in Vietnam, including in services and investment."

Bilateral trade in goods between Australia and Vietnam is currently worth about $2.5 billion per year. Australia's major exports to Vietnam are aluminium, copper, cereal preparations and plastic sheeting and films.

Contact: Jemima Lohse 02 6277 7420