Australian peaches and nectarines on the menu for Vietnam’s affluent consumers

Published 2022년 2월 24일

Tridge summary

Australia has secured market access for its peaches and nectarines in Vietnam, following five years of negotiations and the implementation of the Regional Comprehensive Economic Partnership. This development offers Australian exporters a tariff-free advantage and provides a significant market diversification opportunity. Despite being the fifth largest market for Australian fruit in 2021, valued at $1.2 billion, Vietnam is expected to become a key market for peaches and nectarines due to its fast-growing demand and increasing per capita income. The country's population is projected to see a faster growth rate than the regional average, with expectations to reach middle-class statuses in the coming years, leading to higher consumer expenditures on imported fruits.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

23 February 2022 Australian peach and nectarine exporters now have market access to Vietnam. This comes after Australia and Vietnam finalised a new protocol following 5 years of negotiations. Access to the Vietnam market is a major boost to exporters’ market diversification efforts. The new protocol gives Australia a first-mover advantage over competitors to cement market share. It is also timely. Under the Regional Comprehensive Economic Partnership, which came into force on 1 January 2022, Australian exporters pay no tariffs on peach and nectarine exports to Vietnam. Australian peach and nectarine exports were valued at $64.0 million in 2021. Major export markets in 2021 include: China ($37.3 million or 58% of exports) Singapore ($5.1 million) Hong Kong ($3.6 million) United Arab Emirates ($3.3 million) Malaysia (A$3.0 million). Figure 1: Australian peach and nectarine exports, top 5 markets Source: Global Trade Atlas, © IHS Markit (2022), accessed February 2022. Vietnam was ...

Source: Austrade