The Australian Embassy in Vietnam cited the Global Trade Atlas as saying Australia shipped US$4.4 billion worth of its commodities to Vietnam last year, including US$705 million to Hoa Phat Group, making the group Australia’s largest Vietnamese trade client.
The Vietnamese manufacturing firm’s total import value from Australia witnessed a 1.2-fold and 2-fold increase in 2019 and 2020, recording figures of US$325 million and US$705 million, respectively.
Hoa Phat Group plans to import four million tonnes of ore, 3.5 million tonnes of coal of all kinds, along with 145,000 cows from Australia over the course of the coming year.
With the current price level, the group’s import turnover from Australia is estimated to reach US$1.44 billion this year, representing a two-fold rise higher compared to last year’s figures.
Australia remains a key market for Hoa Phat’s sources, particularly as the group is conducting research to invest in the Australian mining industry.