FTAs between Vietnam and the markets have been maximised. (Photo: VNA) Ta Hoang Linh, Director of the European-AmericanMarket Department under the MoIT, said to maximise advantages and minimisechallenges to both exports and imports, the ministry will keep a close watch onmarket developments, as well as changes in terms of politics and policies in the regionsand the world in order to give timely warnings to businesses and consultancy to the Government.
It will also coordinate with relevant sides,associations, enterprises and localities to implement development strategies, and optimise free trade agreements (FTAs) and other cooperation frameworks todiversify markets, products and distribution channels, he added.
The ministry will work to raise awarenessof domestic producers and exporters about the approach to circular economy, andsustainable production and consumption, thus changing their mindset inproduction, according to the official.
The MoIT reported that trade between Vietnam and theEuropean-American markets dropped about 9.5% last year to 208 billion USD, with exportsworth of 166 billion USD, down 9.6%.
Experts explained that the decline was due to the globaleconomic slowdown in the first half of 2023, and the sluggish and unevenrecovery of economies worldwide in the second half. At the same time,inflation and political uncertainty have changed consumption habits in themarket.
Regarding advantages for the trade, Linh pointed outthat FTAs between Vietnam and the markets have been maximised, and theconsumption demand is bouncing back.
Furthermore, industrialised countries continue topromote strategies to diversify sources of supply, supply chains, andinvestments, turning Vietnam into an important production and export centre inthe global value chain, he continued.
Regional countries are also boosting the green economy,digital transformation and the circular economy, which are advantages of theVietnamese business community, opening up many new cooperation opportunities aswell, Linh said.
For challenges, the official said the economic growth in the world and the European and American markets this year is forecast to be lower than in 2023, plus persistent geopoliticalconflicts and uncertainties, and the trend of "globalisation".
Countries have also imposed more protectionistpolicies, he said, adding that developed countries are paying more attention to sustainabledevelopment, climate change response, and consumers' safety, prompting theformation of new, more stringent standards and regulations to imports./.
VNA
