With a positive economic outlook and future opportunities, Vietnamese industries hope to reach ambitious export goals next year. (Photo: VNA) Capitalising on current free trade agreements (FTAs) andsigning deals with new markets such as Israel or the UAE would be vital tofoster trade, attract investments, and increase exports in the upcoming years,said the ministry.
Strong political ties with countries such as China, the US,and the EU have also created momentum for establishing economic, trade, andinvestment partnerships.
Import and export activities are forecast to become more activethanks to a less daunting global and domestic economic landscape.
Orders from the US, one of Vietnam’s major export markets, areexpected to increase as the country has seen less bloated inventories and theUS Federal Reserve is considering lowering interest rates.
The above-mentioned are incentives for key industries in Vietnam,such as textiles and fisheries, to set ambitious export goals for this year.
In particular, the textile industry hopes to reach exportturnover of 44 billion USD this year, a 9.2% increase compared to 40.3 billionUSD seen in 2023, said Chairman of the Vietnam Textile and Apparel Association(VITAS) Truong Van Cam.
Aquatic product exports are expected to reach 9.5 billion USD andovercome immediate challenges, especially the yellow card warning for illegal,unreported, and unregulated fishing from the European Commission.
However, Vietnam’s exports still face challenges, suchas being targeted by trade protectionism, defence mechanisms, and barriers inmultiple countries, the ministry noted.
To tackle these problems, the ministry will carry out more tradenegotiations, linkages, and agreements, as well as promote FTAs with potentialpartners such as the UAE and countries in South America, to diversifyexport markets, products, and supply chains, said Deputy Director of the Agencyof Foreign Trade Nguyen Cam Trang.
The agency will support firms in utilising FTAs to boost exportsand switch to official exports coupled with effective branding; work withlocalities, associations, and enterprises to expand markets and boost productconsumption; and frequently update businesses on changes in export policies andcriteria for them to devise strategic production plans, she added.
“We will also carry out large-scale trade promotion activities forkey products in the targeted markets,” Trang said.
Vietnamese businesses are also still struggling with supply chaindifficulties and high input prices, said economic expert Dr Can Van Luc, addingthat it is challenging for them to abruptly move to green production and acircular economy.
Luc said Vietnamese businesses need to diversify funding andsupply sources, expand their markets, and connect with potential partners, aswell as proactively opt for green production, green consumption, and circulareconomic practices.
Moreover, the global transition towards a green, sustainableeconomy has also created stricter requirements adhering to environmental protectionand relevant regulations on imported products; thus, Vietnam should flexiblyadopt green export measures.
For the textile industry, VITAS will apply measures on improvingsustainable development, markets, human resources, science and technology, andfundraising, Cam said.
“We will continue to find more material supply sources andexpand export markets through enhanced marketing activities and connectingwith direct customers,” Cam said.
He said tax support policies are also a great way for textilebusinesses to increase production and have more resources to achieve greentransformation and fulfil global market requirements.
It is crucial for Vietnamese trade offices in foreign countries toprovide updates for policies and regulations for Government agencies andbusinesses to have proper solutions to increase exports, said Minister ofIndustry and Trade Nguyen Hong Dien./.
VNA
