Australian Minister for Trade and Tourism Don Farrell expressed his deep impression on Vietnam’s economic growth as well as the way the country has improved living standards of people, during his visit to the Southeast Asian nation from April 16-20.
Vietnam exported goods worth US$8.21 billion to the Americas in January and spent US$1.64 billion on imports from this market, resulting in a trade surplus of US$6.56 billion, according to the Ministry of Industry and Trade (MoIT).
Thanks to the campaign to encourage Vietnamese people to prioritise Vietnamese products, which has been carried out for years, and the stable quality of the products, made-in-Vietnam commodities have drawn increasing attention of consumers.
The implementation of free trade agreements (FTAs) will continue to prove fruitful for Vietnam in 2023, said Minister of Industry and Trade Nguyen Hong Dien.
The current ongoing economic fluctuation occurring worldwide is clearly affecting many export businesses in Vietnam in the last months of 2022 and is forecast to continue to affect throughout 2023.
In the past years, Vietnam's import and export of goods have seen exceptionally strong performance. Particularly, in 2007, after Vietnam became an official member of the World Trade Organization (WTO), the total import-export value of the country reached US$100 billion.
The Ministry of Industry and Trade, on November 18, held a seminar with the theme "Exporting to FTA markets - Solving the problem of sustainable development". More than 300 export enterprises in many sectors and industries in the South and enterprises from the EuroCham and AmCham attended the program.
Vietnam's import and export activities will face many difficulties and challenges in the last months of this year and into the next, according to Nguyen Cam Trang, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).
Vietnamese exporters need to continue to improve the reliability of agricultural products and ensure quality, safety and sustainability to compete globally, industry insiders said.
Vietnam and India should further strengthen connectivity to record more robust growth in bilateral trade, which is expected to hit US$15 billion this year and surpass the record the two countries set in 2021, Indian analysts have said.
Vietnam has a “golden chance” to attract a new wave of foreign investment, especially to economic zones (EZs) and industrial parks (IPs), according to Deputy Minister of Planning and Investment Tran Quoc Phuong.
Many localities including the Southern Province of Binh Duong, the Central Highlands Province of Kon Tum, and the Central Province of Thua Thien – Hue succeeded in attracting a big sum of foreign direct investment.
The Ministry of Industry and Trade said that many fruits from foreign countries have been massively imported into Vietnam resulting in fierce competition with local ones.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) helps promote Vietnam-Australia cooperation in terms of trade and investment, the Cong Thuong (Industry and Trade) newspaper said, citing Vietnamese Ambassador to Australia Nguyen Tat Thanh.
Vietnamese rice, spices, and fruit have been increasing their presence in demanding markets worldwide as local businesses are taking advantage of free trade agreements.
As a driving force of economic growth, enterprises should be more proactive in building production and business plans in the new situation given complicated developments of the Covid-19 pandemic, Minister of Industry and Trade Nguyen Hong Dien has said.
The export value of vegetables and fruits reached at US$3.2 billion in 2020 and fruits account for 80 percent of export turnover. For many years, plantation area has increased sharply, but it is facing many challenges from global competitors as well as in the importing country which are increasing fruit cultivation gardens and applying the most advanced technology in farming.
