Q1 exports rise as Vietnam takes advantage of FTAs: Official
Vietnam has been making good use of advantages of the international economic integration process, helping to increase the country’s exports by 22 percent year-on-year and imports by 26 percent in the first quarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade.
Hanoi (VNA) – Vietnam has been making good use of advantages of theinternational economic integration process, helping to increase the country’sexports by 22 percent year-on-year and imports by 26 percent in the firstquarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of ForeignTrade under the Ministry of Industry and Trade.
Talking to the press, Hai said the EU-Vietnam Free TradeAgreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) have becomeeffective, and the Regional Comprehensive Economic Partnership (RCEP) is aboutto come into effect.
For the EU market, several Vietnamese commodities haveenjoyed incentives of the EU’s Generalised System of Preferences (GSP) foryears.
However, for the long term, taking advantage ofopportunities brought about by the EVFTA is a sustainable and equal preference.Specially, for the commodities that Vietnam has advantage, they can enjoypreferences on origins combined in the EVFTA, Hai said.
He advised enterprises to bring into full play advantages ofthe agreement by understanding the advantages for their commodities and thenchange their production process and material supply to meet requirements oforigin.
Looking back on the import-export figures in the firstquarter, Hai said, electronic products, electric appliances and furniture arethe most benefitted as increasing demand from the European and North Americanmarkets.
However, such products as garment and textiles and footwearare facing difficulties caused by the disruption of the supply chains.
Hai also proposed businesses take the initiative and makegood preparations to deal with any possible instable factors.
During January – March, Vietnam’s import-export turnover isestimated at 152.65 billion USD, up 24.1 percent year-on-year./.
A cooperation programme to help businesses to optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA) through the Vietnam-EU e-commerce platform made debut in Hanoi on March 26.
As much as 10.13 billion USD worth of foreign direct investment (FDI) was injected into Vietnam in the first three months of the year to March 20, a year-on-year increase of 18.5 percent, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Vietnam’s gross domestic product (GDP) in the first quarter of 2021 is estimated to rise 4.48 percent, higher than 3.68 percent recorded in the same period last year, the General Statistics Office (GSO) General Director Nguyen Thi Huong reported at a press conference on March 29.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
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Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
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During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
Illustrative image (Photo: VNA) 
