Illustrative image (Source: VNA) Statistics from the General Department of Vietnam Customsshowed that due to fluctuations in the world economic and politicalsituation, trade between Vietnam and Eurasia reached 13.3 billion USD in 2022, down9.7% year on year. In the first nine months of this year, the figure dropped6.5% year on year to 9 billion USD, with Vietnam’s exports falling 1.2% to6.3 billion USD.
However, Director of the Ministry of Industry and Trade(MoIT)’s European-American Market Department Ta Hoang Linh said that the Eurasian marketstill boasts great potential for Vietnamese export products, as Vietnam’sexport revenue to the region has accounted for just 0.4% of the total importvalue of this region.
Besides, the two sides have set up many institutions andsolid frameworks serving as a foundation for bilateral trade cooperation,including the Vietnam - Eurasian Economic Union (EAEU) Free Trade Agreement,EU-Vietnam Free Trade Agreement (EVFTA) and 14 joint committees andinter-governmental committees, Linh noted.
The official underlined that these cooperation mechanismshave operated effectively, paving the way for businesses of both sides tostrengthen cooperation in many areas, especially trade and investment. A largecommunity of Vietnamese people in the region also support tradeand investment between the two sides.
Vietnamese Trade Counsellor in Bulgaria Nguyen Thanh Hai saidthat the annual import demand of Central Eastern European countries has reachedabout 1.6 trillion USD, but Vietnam's export turnover to these countries in2022 only reached 7.8 billion USD, accounting for 0.5% of the total. This showed thatthere is still a lot of room for Vietnamese export enterprises to exploit themarket.
Meanwhile, export turnover from Vietnam to the WesternBalkans is currently still below 20 million USD each year and is mainly throughintermediary countries in the EU.
Workers produce garments for export. (Photo: VNA) However, he said that the Vietnam Trade Office in Russia hasreceived negative feedback on Vietnamese products’ quality and labelling. Atthe same time, Vietnamese exporters also reported a number of problems with partnersin these markets.
Minh said that the Vietnam Trade Office in Russia is willingto help domestic firms to verify information of their partners. He advised exporters to consider the use of rail freight for export to the CIS countries.
Linh said that amid the instability in the world economicsituation, it is necessary for exporters to update the market information andpolicies in importing countries, while optimising marketing, payment and transportsolutions.
The MoIT will work with Vietnamese Embassies in the region andVietnam Trade Offices abroad to support domestic firms in tapping newcooperation opportunities and help them deal with difficulties during tradeactivities, the official said./.
VNA
