Wine to Vietnam
The Going Global Export Program provides export support for NSW early-stage exporters or new-to-market exporters. Eligible businesses can apply for free support to export wine to Vietnam. Applications open on Thursday 10 October 2024 and close on Wednesday 6 November 2024.
Information Session
Register for the webinar on Thursday 24 October 2024, 3:00-3:30PM AEDT to learn about the market opportunities and this program.
Program dates
November 2024 to May 2025.
Key event
- February 2025: Awareness raising wine tasting/masterclass event* (NSW wine samples required only. Attendance by participants not required).
- March 2025: Awareness raising wine tasting/masterclass event* (NSW wine samples required only. Attendance by participants not required).
- May 2025: Wine tasting showcase event, business matching and retail tour (in-person attendance required).
*Note: Investment NSW will facilitate a brief discussion between participants and Vietnamese sommeliers to prepare them for the wine tasting events.
Why this market
Vietnam’s rapidly growing middle class, strong tourism sector and a fast-growing trading relationship with Australia provide favourable conditions for NSW wine exporters to be competitive in this market. Vietnam’s middle class is expanding rapidly, with increasing disposable incomes. This demographic shift is driving demand for premium and imported wines as more people can afford and are interested in sophisticated lifestyle choices.
- Wine consumption in Vietnam is on the rise, supported by a growing appreciation for wine culture. Restaurants and hotels are incorporating extensive wine lists and hosting wine-related eventsExternal Link which attract both locals and tourists. In 2023, Vietnam purchased AUD11.4 million of wine from Australia, an increase of 152.8% from 2019 (pre-pandemic period). As the 4th largest wine market in Southeast Asia, Vietnamese market growth is anticipated to progress at a compound annual growth rate of 10.93% revenue in the 2023-2030 period.
- The proliferation of e-commerce platforms make it easier for Vietnam’s consumers to explore and purchase wines. International trade agreementsExternal Link like the ASEAN-Australia and New Zealand Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP) and Regional Comprehensive Economic Partnership Agreement are facilitating greater access to imported wines, enhancing market variety and competition. Under the CPTTP, tariffs on Australian wines will be reduced to 15% in 2026, and ultimately to zero by 2028.
NSW wine exporters interested in being part of Vietnam’s competitive yet growing wine consumption market are encouraged to apply for this program, designed to support accelerated market entry.
Participation requirements and success factors
Eligibility for the overall Program
- Have headquarters in NSW
- Have a valid Australian Business Number (ABN) registered for NSW
- Be export-capable and export-ready
- Have an employee number between 5 and 199 full-time equivalent (FTE) employees
- The product or service must be produced primarily in NSW
- The product or service is achieving sales already
- Have a website featuring the product or service
- Be prepared to adapt the product or service for market expansion
- Be flexible regarding market-entry method
- Have resources to support marketing and development for market expansion
- Be willing to travel to the selected market and/or to Sydney for events, and must cover own travel expenses
Note: this program is designed for NSW businesses who produce and own their own brand. This program is not for aggregators, traders, or businesses who sell services to exporters
Additional eligibility requirements for this stream
- Products need to be already successfully commercialised in the Australian market
- Selected businesses need to be able to obtain a Wine Export Licence
- Eligible businesses chosen to showcase wine in Vietnam need to independently facilitate delivery of sufficient samples for promotion at the wine tasting/masterclass events for buyers. Information will be provided to participants closer to the time
- Participants must be willing to accept the terms and conditions of participating in the program
- Travel to Vietnam to attend the wine tasting showcase event, business matching and retail tour (earmarked for May 2025)
Ideal product categories
- The program is open to a wide range of wine including red, white and sparkling wines. There is market opportunity for organic wines and Award winning wines
Note: Applicants who have not previously exported to Vietnam will be given priority.
Curriculum
Introductory sessions
- Welcome session (one hour) – Friday 22 November 2024
- Access to 13 self-serve factsheets developed by the Export Council of Australia exclusively for Going Global participants.
- Access to pre-recorded Intellectual Property protection briefings from IP Australia.
Market intelligence briefings and business readiness webinar (one hour)
Thursday 5 December 2024
- Overview of the Vietnam wine market and doing business in Vietnam
Ongoing advice and follow up
- Ongoing support provided by a dedicated NSW Government Export Adviser
*Notes:
- NSW wine samples sent to Vietnam (December 2024 - February 2025)
- Final dates are to be confirmed and the curriculum is subject to change.
How to apply
Applications open on Thursday 10 October 2024 and close on Wednesday 6 November 2024.