Forecast optimistic for locally made goods for export
Exports of Vietnamese goods will rise this year as the global economy continues to grow, according to many trade counselors.
Exports of Vietnamese goods will rise this year as the global economy continues to grow, according to many trade counselors.
Vu Ba Phu, Vietnamese Trade Counsellor in Belgium and Luxembourg, said the EU market had recovered, which will generate higher consumption demand, opening up more export opportunities.
Export of electronics, telephones, garments and textiles and footwear to Belgium, for example, enjoyed good growth last year and is expected to continue this year, Phu said.
Dao Tran Nhan, Vietnamese Trade Counsellor in the US, said the country would remain a major market for Vietnamese goods, especially seafood, footwear and apparel.
Similarly, Chile is becoming an increasingly important market for Vietnam, with exports to the South American country growing at 20 percent per year since 2010, said trade counsellor Tran Dinh Van, adding that a free trade agreement between the two countries coming into effect in the new year would generate more export opportunities for Vietnamese products thanks to lower export tariffs.
Vu Huy Hoang, Minister of Industry and Trade, said trade deals, including the Trans-Pacific Partnership agreement, the free trade agreement (FTA) between Vietnam and the EU, and the FTA between Vietnam and the Republic of Korea under negotiation, are expected to open up new opportunities for Vietnamese exports.
However, Hoang said to capitalise on opportunities, apart from boosting exports of the country's key export items such as seafood, agricultural products, apparel, leather and electronic products, businesses also should focus on developing new manufactured products that meet the demand of the world market.
Chances are abundant but challenges are great too, he said, noting that businesses should keep up-to-date information of both domestic and world markets to grasp opportunities.
In addition, domestic businesses need to improve product quality and design to enhance their competitiveness and avoid the risk of losing market share to competitors, according to trade counsellors.
Hoang said the ministry would exert more effort to strengthen promotions while speeding up negotiations for trade agreements to expand export markets for Vietnamese goods.-VNA
Vu Ba Phu, Vietnamese Trade Counsellor in Belgium and Luxembourg, said the EU market had recovered, which will generate higher consumption demand, opening up more export opportunities.
Export of electronics, telephones, garments and textiles and footwear to Belgium, for example, enjoyed good growth last year and is expected to continue this year, Phu said.
Dao Tran Nhan, Vietnamese Trade Counsellor in the US, said the country would remain a major market for Vietnamese goods, especially seafood, footwear and apparel.
Similarly, Chile is becoming an increasingly important market for Vietnam, with exports to the South American country growing at 20 percent per year since 2010, said trade counsellor Tran Dinh Van, adding that a free trade agreement between the two countries coming into effect in the new year would generate more export opportunities for Vietnamese products thanks to lower export tariffs.
Vu Huy Hoang, Minister of Industry and Trade, said trade deals, including the Trans-Pacific Partnership agreement, the free trade agreement (FTA) between Vietnam and the EU, and the FTA between Vietnam and the Republic of Korea under negotiation, are expected to open up new opportunities for Vietnamese exports.
However, Hoang said to capitalise on opportunities, apart from boosting exports of the country's key export items such as seafood, agricultural products, apparel, leather and electronic products, businesses also should focus on developing new manufactured products that meet the demand of the world market.
Chances are abundant but challenges are great too, he said, noting that businesses should keep up-to-date information of both domestic and world markets to grasp opportunities.
In addition, domestic businesses need to improve product quality and design to enhance their competitiveness and avoid the risk of losing market share to competitors, according to trade counsellors.
Hoang said the ministry would exert more effort to strengthen promotions while speeding up negotiations for trade agreements to expand export markets for Vietnamese goods.-VNA
You should also see
Vuong Dinh Hue permitted to cease holding positions, working
The 13th Party Central Committee on April 26 agreed to let Vuong Dinh Hue cease holding the positions of Politburo member, member of the 13th Party Central Committee, and Chairman of the 15th National Assembly (NA) in the 2021 - 2026 tenure.
See more
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
