The cooperation in market surveillance would contribute to facilitating the import of high-quality food and agricultural products from Việt Nam for consumption in China and create a base to strengthen the stable and long – term trade cooperation between the two countries.

Slow recovery in global demands for consumption and waning production at home are expected to continue making it difficult for Vietnam to swell exports this year.

Vietnam is a very important economic partner of Australia, Australian Ambassador to Vietnam Andrew Goledzinowski told the press ahead of Australian Prime Minister Anthony Albanese’s visit to Vietnam from June 3-4.

The Regional Comprehensive Economic Partnership (RCEP) entered into force in the Philippines on Friday, signifying that the pact is now effective for all 15 members, a new stage of full implementation for the free trade area with the largest population, largest economic and trade volume in the world.

Vietnam will be a key driver of global trade growth, with its exports projected to reach US$618 billion by 2030, an annual growth rate of 7 per cent, outpacing the global average of 5 per cent by a significant 2 percentage points.

The Vietnamese Trade Office in Singapore is working to promote the export of Vietnamese fruits, particularly longan and lychee, to Singapore.

The dramatic shift means that issues like climate and tech will grow more intertwined with trade.

Australia’s Trade Minister Don Farrell will head to Brussels this weekend for the final rounds of negotiations on a free trade agreement with the European Union, which both sides signaled may be completed by the end of the European summer.

Vietnam exported 219,000 tonnes of cashew nuts worth US$1.28 billion during the first five months of the year, increasing by 8.0% in volume and 5.5% in value compared to the same period last year, according to the General Department of Vietnam Customs.

The export revenue of durian was reported at 190.5 million USD in the first four months of this year, a dramatic increase of 573.1% over the same period in 2022.