Vietnam to capitalise on FTAs, trade promotions to boost exports: MOIT
The Ministry of Industry and Trade (MoIT) will capitalise on signed free trade agreements (FTAs) to diversify markets, step up trade promotions and shift to exports through official channels with a view to gaining 377 billion USD in export revenue this year.
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| Vietnam to capitalise on FTAs, trade promotions to boost exports: As of January 15, Vietnam shipped overseas some 15.1 billion USD worth of products. (Photo: VNA) |
The moves come amidst a gloomy outlook anticipated for the global economy in 2024, with trade defence measures to be rolled out in foreign countries to protect domestic production.
Vietnamese exporters will find it more challenging to break into foreign markets as there are growing concerns about consumer safety, sustainable development and climate change. This results in the application of new standards and regulations related to supply chain, materials, workforce and environment on imported products. Recent tensions that have increased logistics costs and shipping time will also affect Vietnamese firms.
Statistics from the General Department of Vietnam Customs, as of January 15, Vietnam shipped overseas some 15.1 billion USD worth of products, falling 7.5% from the second half of December 2023.
Deputy Director of the MoIT’s Agency of Foreign Trade Tran Thanh Hai said that the ministry will continue support for enterprises in taking advantage of the FTAs to bolster exports, while enhancing the communications work to raise awareness of traceability as well as opportunities and challenges from the trade pacts.
Assistance will be given to localities, associations and enterprises to carry out large-scale trade promotion events, helping popularise products of the region’s strength in the target markets, he said.
Along with stepping up negotiations and signing of new trade deals and commitments, the ministry will work to develop logistics services and back businesses to overcome trade barriers in import markets.
(Source: VNA)
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