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 growing in line with higher levels of discretionary incomes.
“Vietnam is proving to be one of the world’s fastest-growing countries,” he says.
“Total retail sales of goods and services in 2022 increased by nearly 20 percent compared to the same period last year, reaching approximately US$239 billion.”
The program for SA Wine Connect 2024, hosted in Ho Chi Minh City and Hanoi, included networking and buyer visit initiatives as well as masterclasses that were oversubscribed.
David Dean, president of the Australian-Vietnamese Chamber of Commerce (SA) – AVCC – said, “We had close to 70 wholesalers and retailers at each of the masterclasses in Ho Chi Minh City and nearly 300 at the tastings with similar numbers in Hanoi” he said.
Participating wineries included Turkey Flat, First Drop, Sorby Adams, Ottelia Innes, HighBank, Armstrong, Metala Wines, Paracombe, Mitolo, Betty’s Choice and Maison Blue.
Winemaker John Innes from Ottelia said the program was educational and geared to the right demographic. “Which is the sophisticated 25 years group and upwards,” he says.
“The initiative was well supported by wholesalers and retailers. However, we go forward cautiously, and we don’t expect the orders to come immediately.”
Anna Nguyen from Must See in Vietnam said, “These wine educational programs are invaluable for the 25-40 years group who are becoming more sophisticated and seeking more of the finer things in life like good wine.”
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