“Trade between Vietnam and the European and US markets dropped about 9.5% last year to US$208bil, with exports totalling US$166bil, down 9.6%,” MoIT said. — VNA/VNS
HANOI: The Industry and Trade Ministry (MoIT) will roll out major measures to boost exports to the European and American markets this year, an official says.
Ta Hoang Linh, director of the European-American Market Department under MoIT, said, to maximise advantages and minimise challenges for both exports and imports, the ministry will keep a close watch on market developments, as well as changes in terms of politics and policies around the world in order to give timely warnings to businesses and advice to the government.
It will also coordinate with trade associations, enterprises and local governments to implement development strategies, and optimise free-trade agreements (FTAs) and other cooperation frameworks to diversify markets, products and distribution channels, he added.
The ministry will work to raise awareness among domestic producers and exporters about the circular economy, and sustainable production and consumption, thus changing their mindset in production, according to the official.
“Trade between Vietnam and the European and US markets dropped about 9.5% last year to US$208bil, with exports totalling US$166bil, down 9.6%,” MoIT said.
Experts explained that the decline was due to the global economic slowdown in the first half of 2023, and the sluggish and uneven recovery of economies worldwide in the second half.
At the same time, inflation and political uncertainty have changed consumption habits in the market.
Regarding the country’s advantages in trade, Linh pointed out that FTAs between Vietnam and other markets have been maximised, and the consumption demand is bouncing back.
Furthermore, industrialised countries continue to promote strategies to diversify sources of supply, supply chains, and investments, turning Vietnam into an important production and export centre in the global value chain, he said.
Regional countries are also boosting the green economy, digital transformations and the circular economy, which are advantageous for the Vietnamese business community, opening up many new opportunities as well, Linh said.
In terms of challenges, he said these include economic growth around the world and the European and US markets this year being forecast to be lower than in 2023, plus persistent geopolitical conflicts and uncertainties, and the trend of “globalisation”. — Viet Nam News/ANN
