Australia: Feeling the wine vibe in Vietnam

Published Apr 22, 2024

Tridge summary

Australian wine sales in Vietnam have seen a remarkable increase, doubling to $11.5 million in the last two years, with expectations for further growth. This surge is attributed to the enhanced bilateral relations between Australia and Vietnam, alongside a growing demand fueled by rising discretionary incomes in Vietnam. The Australian Ambassador to Vietnam has emphasized the potential for Australian wine exporters to expand their market presence. The Vietnam wine market is anticipated to see significant growth by 2030. The SA Wine Connect 2024 program, which took place in Ho Chi Minh City and Hanoi, showcased the strong interest in Australian wines through its networking events, buyer visits, and highly attended masterclasses, underscoring the promising prospects for Australian wines in the Vietnamese market.

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

Original content

Sales of Australian wine in Vietnam reached $11.5 million last year – double what they were two years ago. And the future looks good for Aussie winemakers. The Australian Ambassador to Vietnam, Andrew Goledzinowski, says bilateral relations between the two countries have been “substantially upgraded and were now elevated to the highest levels”. “The upgraded relationships provide Australian wine exporters with additional opportunities to build on the reputation Vietnamese people have for Australian goods, for their quality and trust,” he said at a gala dinner hosted in Hanoi for South Australia Wine Connect 2024. According to Inkwood Research, the Vietnam wine market was valued at US$347.10 million in 2022 and is expected to reach US$692.27 million by 2030. Volume is expected to reach 24.15 million litres by 2030. Nguyen Ba Hai, the Vice Director of Investment Promotion, Center for Industry and Trade, Vietnam Trade Promotion Agency, says demand for Australian wine in Vietnam is ...

Source: Wbmonline