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Thursday, 7/11/2024
Thursday, 7/11/2024
Vietnamese exports have ample room to grow in the second half of this year since their large markets such as the US and the UK are expected to cut interest rates which will a boost to economic expansion and consumption, according to experts.
Deputy Minister of Industry and Trade Nguyen Hoang Long held that enterprises and localities should get an update on the essence of the free trade agreements, especially important ones.
The ministry is completing legal documents and policies to support businesses and localities in trade promotion and international integration as a whole to bolster exports, he added.
According to Secretary General of the Vietnam Vegetable and Fruit Association Dang Phuc Nguyen, the export of fruits and vegetables is forecast to expand 15-20%, and, if opportunities from the inked protocols are levered to the fullest extent, export revenue could hit 7 billion USD this year, up 0.5-1 billion USD from the set plan.
However, specialists held that trade activities have faced numerous challenges, including rising transport costs, a strong USD, trade remedies related to the environment, sustainable development and green transition in large markets like the EU and the US.
Former deputy director of the industrial and commercial information centre under the Ministry of Industry and Trade (MoIT) Le Quoc Phuong said as an export power, Vietnam should work to ensure timely delivery of products that meet stringent requirements from importers.
He suggested enterprises diversity their markets, look for niche markets with huge potential like the Middle East, Africa, and South America to lessen its independence in a single market.
The country’s trade is projected at 369.6 billion USD for the whole year, up 16% against last year, with export revenue being 189.5 billion USD, a year-on-year increase of 14.2%.
Director of the MoIT’s Foreign Trade Agency Tran Thanh Hai said that the ministry is accelerating the negotiations on the comprehensive economic partnership agreement (CEPA) between Vietnam and the UAE, and informing associations and enterprises of the market development, helping them adjust their production plans.
It will continue renewing its trade promotion programmes and connecting firms and their products with the Vietnamese trade offices in foreign countries and territories, he said, adding logistics services will enjoy due attention while administrative procedures will be simplified to facilitate trade activities.
TB (according to VNA)