Hanoi (VNA) – Vietnam has capitalised on the free trade agreements(FTAs) it has signed to bolster exports amidst weakening demand, high inputcosts, and inflation pressure across the globe, Minister of Industry and Trade NguyenHong Dien said on November 7.

Answering deputies’ questions at the National Assembly's ongoing 6th meeting on measuresto enhance export, Dienhighlighted that Vietnam is among the 20 countries in the world with the largestinternational trade in goods, with annual growth rate from 12.5%, in recentthree years, while the country has posted trade surplus for months with thefigure in October recorded at 2.6 billion USD.

Amidst global headwinds, the country has cashed in on FTAs which helps bringits products to 60 countries and territories worldwide, he said, adding negotiations on FTAs with the European Free Trade Association which comprises Switzerland,Norway, Ireland and Liechtenstein, the Southern Common Market (Mecosur), the UnitedArab Emirates (UAE) and Canada are underway.

The ministry has paid due attention to studying the feasibility to negotiateand sign trade deals and incentives with countries that have economiccomplementary advantages, and those that hold strengths in science andtechnology.

On the other hands, the ministry haseffectively implemented the international commitments under the FTAs to whichVietnam is a signatory to ensure sustainable development, with focus on the implementation of action plans to carry out new-generation FTAs such asthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),the EU-Vietnam Free Trade Agreement (EVFTA), and the UK – Vietnam Free Trade Agreement(UKFTA).

Enhancing international economic relations has been prioritised, he said,describing it as a lever to develop domestic trade and economy.

Through Vietnamese trade offices in foreign countries, the ministry has kepta close watch on the global economic situation and policy updates so as to help enterprises make rational adjustments to theirproduction plans.

He also stressed that trade activities have been backed byadministrative reform, sound logistics services, and e-commerce development.

In the coming time, the ministry will continue promoting digital transformationin its trade promotion programmes, developing national-branded products,engaging Vietnamese firms in foreign supply chains, giving early warningsto products at risk of trade remedies, and popularising commitments under thesigned FTAs, he added./.