The impacts from free trade agreements that both Vietnam and Australia are members would open up new opportunities to attract Australian enterprises to do business in the country.

The two countries would continue to bolster cooperation in a multilateral framework, especially in fully implementing the Regional Comprehensive Economic Partnership (RCEP), set to take effect on January 1, 2022.

2022 would remain to be a favorable year for trade, especially as enterprises have improved their resilience and several economic sectors continue to benefit from CPTPP, EVFTA, and RCEP.

Vietnam’s calculation of the localization rate should be consistent with international practices, which are based on the proportion of domestically generated value rather than the parts produced within the country.

Assuming Vietnam keeps the current pace of trading growth, the turnover could set a new record and exceed the $700-billion mark in 2022.