Vietnam’s exports are forecast to enjoy a good year in 2014 thanks tothe country’s efforts to expand markets and new opportunities generatedfrom trade deals that are expected to be concluded next year.
The assessment is based on the country’s positive export growth in2013, rising by 15.3 percent (or 132 billion USD) over the previous yearand surpassing the target of 126 billion USD.
Strong growth was seen in almost all of Vietnam’s export markets such as the US, Japan, European and ASEAN countries.
Vietnam enjoyed 22.5 percent growth in the US this year with revenueof 25 billion USD, accounting for one fifth of the country’s totalfigure.
In 2014, the US will continue to beVietnam’s largest market with 10 percent growth, said Dao Tran Nhan,Trade Minister-Counsellor in the US.
However, Nhanalso reminded enterprises of difficulties in entering the US marketcaused by trade barriers, and anti-dumping and subsidy lawsuits launchedby the US side against Vietnam’s high revenue generating products suchas shrimp, tra fish, catfish and apparel.
He heldthat in order to maintain stable exports to the US, it is necessary forthe firms to update and study the country’s new policies in the field.
Apart from the impetus from 2013’s good results,trade deals that Vietnam is negotiating for are also expected to open upnew opportunities for Vietnamese exports.
TheTrans-Pacific Partnership (TPP) agreement involving Vietnam is beingfinalised, while five rounds of the free trade agreement between Vietnamand the EU have also concluded, with the rest expected to be finishedin 2014 .
According to Minister of Industry andTrade Vu Huy Hoang, the 12 countries engaged in the TPP deal make up 40percent of global GDP and over 30 percent of total world export-importrevenue.
Joining the TPP means Vietnam will enjoychances to extend its market to the world’s leading economies like theUS and Japan, he said.
“Vietnam’s strengths inagricultural products, apparel, leather and coffee can record evenhigher export growth. On the other hand, Vietnamese businesses will alsosuffer from fierce competition. Unless they improve theircompetitiveness, the risk of losing market share to competitors ishigh,” Minister Hoang commented.
Meanwhile, Vu BaPhu, Minister-Counsellor in Belgium and Luxembourg, said the EuropeanUnion will still be the largest market for Vietnamese apparel, leatherand agricultural products.
He noted that total trade between Vietnam and the EU hit nearly 30 billion USD in 2013.
Once the Vietnam-EU free trade agreement takes effect, Vietnameseenterprises will benefit from tariff preferences and fewer tradebarriers.
“Chances are abundant but challenges aregreat too,” said Phu. “The important thing for Vietnam is overcomingitself, improving product quality and design, and enhancing itscompetitiveness in order to maintain markets,” he added.
To maintain growth in 2014, Minister Hoang said the ministry willexert more effort to strengthen promotion and expand export markets,while speeding up negotiations for trade agreements and making full useof the opportunities created from the deals.
Theministry will step-by-step incorporate Vietnam in the distributionsystem abroad by boosting dialogues with global distribution chains andfocusing on building Vietnam’s trademark in promising markets, thusensuring the fulfilment of the target to record about 10 percent growthin 2014, he said.-VNA
The assessment is based on the country’s positive export growth in2013, rising by 15.3 percent (or 132 billion USD) over the previous yearand surpassing the target of 126 billion USD.
Strong growth was seen in almost all of Vietnam’s export markets such as the US, Japan, European and ASEAN countries.
Vietnam enjoyed 22.5 percent growth in the US this year with revenueof 25 billion USD, accounting for one fifth of the country’s totalfigure.
In 2014, the US will continue to beVietnam’s largest market with 10 percent growth, said Dao Tran Nhan,Trade Minister-Counsellor in the US.
However, Nhanalso reminded enterprises of difficulties in entering the US marketcaused by trade barriers, and anti-dumping and subsidy lawsuits launchedby the US side against Vietnam’s high revenue generating products suchas shrimp, tra fish, catfish and apparel.
He heldthat in order to maintain stable exports to the US, it is necessary forthe firms to update and study the country’s new policies in the field.
Apart from the impetus from 2013’s good results,trade deals that Vietnam is negotiating for are also expected to open upnew opportunities for Vietnamese exports.
TheTrans-Pacific Partnership (TPP) agreement involving Vietnam is beingfinalised, while five rounds of the free trade agreement between Vietnamand the EU have also concluded, with the rest expected to be finishedin 2014 .
According to Minister of Industry andTrade Vu Huy Hoang, the 12 countries engaged in the TPP deal make up 40percent of global GDP and over 30 percent of total world export-importrevenue.
Joining the TPP means Vietnam will enjoychances to extend its market to the world’s leading economies like theUS and Japan, he said.
“Vietnam’s strengths inagricultural products, apparel, leather and coffee can record evenhigher export growth. On the other hand, Vietnamese businesses will alsosuffer from fierce competition. Unless they improve theircompetitiveness, the risk of losing market share to competitors ishigh,” Minister Hoang commented.
Meanwhile, Vu BaPhu, Minister-Counsellor in Belgium and Luxembourg, said the EuropeanUnion will still be the largest market for Vietnamese apparel, leatherand agricultural products.
He noted that total trade between Vietnam and the EU hit nearly 30 billion USD in 2013.
Once the Vietnam-EU free trade agreement takes effect, Vietnameseenterprises will benefit from tariff preferences and fewer tradebarriers.
“Chances are abundant but challenges aregreat too,” said Phu. “The important thing for Vietnam is overcomingitself, improving product quality and design, and enhancing itscompetitiveness in order to maintain markets,” he added.
To maintain growth in 2014, Minister Hoang said the ministry willexert more effort to strengthen promotion and expand export markets,while speeding up negotiations for trade agreements and making full useof the opportunities created from the deals.
Theministry will step-by-step incorporate Vietnam in the distributionsystem abroad by boosting dialogues with global distribution chains andfocusing on building Vietnam’s trademark in promising markets, thusensuring the fulfilment of the target to record about 10 percent growthin 2014, he said.-VNA
