Vietnam was Australia’s 15th largest trading partner in 2017. Export receipts of goods and services from Vietnam totalled US$6.2b in 2017, up 19% from 2016. Australia’s main merchandise exports to Vietnam include coal, wheat, crustaceans and aluminium. Imports reached US$6.6b, up 18% from a year ago, driven by telecommunications equipment and footwear.
Australia exported A$1.5b of services in 2016, mostly education exports. Vietnam is Australia’s fifth largest source of international students with over 30,000 enrolments. Royal Melbourne Institute of Technology (RMIT) has two campuses in Vietnam with a student roll of around 5,000.
Vietnam accounts for less than 3% of tourist arrivals, but arrivals have risen 11.5% annually over the last decade.
Bilateral investment between Vietnam and Australia lags behind blossoming trade relations. Australian investment in Vietnam is modest relative to the total stock of outward investment. Australian companies that have invested in Vietnam include BlueScope Steel and QBE.