Illustrative image (Source: VNA) Phuc Sinh JSC, based in Ho Chi Minh City, hasexported 50 containers of coffee, pepper, cashew nut and other products toEurope, the US and the Middle East in early 2023.
The company shipped abroad about 50 million USDworth of goods to Europe in 2020 and 63 million USD in 2021, which grew some30% last year.
It is among the hundreds of domestic firms that areeffectively utilising the FTAs, contributing to raising Vietnam’s agro exportrevenue to over 53 billion USD in 2022.
Chairman and General Director of Phuc Sinh JSC PhanMinh Thong noted that with tax incentives, the deals will help Vietnamese goodscompete with those from other countries despite difficulties forecast for thisyear as many major importers are expected to face inflation.
Import-export was Vietnam’s bright spot in 2022,hitting a record of around 730.2 billion USD, of which 371.5 billion USD came fromexport, statistics show.
Notably, thanks to the EU-Vietnam Free TradeAgreement (EVFTA), garment-textile exports to the EU reached 4.46 billion USD,representing a year-on-year rise of 34.7%.
The sector is projected to rake in 47-48 billion USDthis year, which is within its reach as the FTAs will accelerate the relocation ofinvestment from other countries to Vietnam, according to Chairman of theVietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
Minister of Industry and Trade Nguyen Hong Dien alsoheld that the agreements will further prove their role this year as the marketshare of many key exports still remains limited in foreign countries./.
VNA
