Vietnam is Australia’s 15th largest trading partner. Exports of goods and services amounted to $6.7 billion in 2018. Australia’s main merchandise exports to Vietnam include coal, cotton, iron ore, live animals and wheat. Imports reached $7.8 billion, consisting mainly of telecommunications equipment, crude petroleum, computers and parts, footwear and furniture.
Australia exported $1.7 billion of services in 2018, mostly education. Vietnam is Australia’s seventh largest source of international students, with about 30,000 enrolments in 2018. Royal Melbourne Institute of Technology (RMIT) has two campuses in Vietnam, with a student roll of more than 6,000.
Vietnam accounts for less than 2% of tourist arrivals in Australia, but it is a growing market. Nearly 111,000 Vietnamese tourists visited Australia in 2018.
Bilateral investment between Vietnam and Australia is increasing alongside growing foreign trade. The stock of Australian investment in Vietnam totalled $2.4 billion in 2018 compared to around $800 million investment in Australia. Australian companies that have invested in Vietnam include BlueScope Steel and QBE.