Vietnam, an emerging market with an increasing appetite for premium offerings, has become a significant destination for Australian wine, showcasing a remarkable surge in sales. Last year, Australian wine sales in Vietnam reached AUD 11.5 million, marking a substantial increase compared to the preceding two years. This upward trajectory shows no signs of slowing, a sentiment emphasized by Mr. Andrew Goledzinowski, the Australian Ambassador to Vietnam, during the recent South Australia Wine Connect 2024 gala in Hanoi.
Ambassador Goledzinowski underscored the strengthening bilateral relations between Australia and Vietnam, reaching unprecedented levels. This diplomatic advancement opens doors for Australian wine exporters to capitalize on Vietnamese trust and admiration for Australian products.
According to Inkwood Research, Vietnam’s wine market, valued at $347.10 million in 2022, is anticipated to nearly double to $692.27 million by 2030, with a projected volume of 24.15 million liters. This growth aligns with the rise in disposable incomes in Vietnam, as highlighted by Mr. Nguyen Ba Hai, Vice Director of Investment Promotion at the Center for Industry and Trade of the Vietnam Trade Promotion Agency. Vietnam’s rapid economic growth, evidenced by a nearly 20% increase in total retail sales of goods and services in 2022, solidifies its position as one of the fastest-growing countries globally.
The SA Wine Connect 2024 program extended beyond Hanoi to Ho Chi Minh City, featuring buyer visits and Master Class wine-tasting events that received enthusiastic responses. David Dean, president of the South Australia-Vietnam Chamber of Commerce (SA-AVCC), reported a strong turnout, with approximately 70 wholesalers and retailers attending each Master Class in Ho Chi Minh City, and around 300 participating in the tastings, mirroring similar numbers in Hanoi.
Participating wineries showcased a diverse range of products from various Australian wine regions, including Barossa, Coonawarra, Langhorne Creek, Adelaide Hills, and McLaren Vale. These presentations targeted a sophisticated audience aged 25 and above, as highlighted by John Innes of Ottelia Wines.
Educational wine programs, emphasized by Ms. Anna Nguyen from Must See in Vietnam, are particularly beneficial for Vietnamese consumers aged 25 to 40, seeking refined experiences. This sentiment was echoed by Mr. Vo Thi Ngoc Giao.
The success of the South Australia Wine Connect 2024 initiative was propelled by the efforts of key figures such as Betty Dang, vice president of the AVCC, and her business partner, Mr. Tony Bui, along with their team in Hanoi. Their endeavors sparked significant social media buzz within the wine sector, signaling alignment with market demands. Such initiatives not only bolster the position of Australian wine in Asia but also underscore Vietnam’s growing importance as a pivotal market for international wine exports.
