FTAs - push for Vietnam’s 2023 export hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The 15 free trade agreements (FTAs) to which Vietnam is a member are expected to give a boost to Vietnam’s export activities this year, towards the growth target of 6%.

Phuc Sinh JSC, based in Ho Chi Minh City, has exported 50 containers of coffee, pepper, cashew nut and other products to Europe, the US and the Middle East in early 2023.

The company shipped abroad about 50 million USD worth of goods to Europe in 2020 and 63 million USD in 2021, which grew some 30% last year.

It is among the hundreds of domestic firms that are effectively utilising the FTAs, contributing to raising Vietnam’s agro export revenue to over 53 billion USD in 2022.

Chairman and General Director of Phuc Sinh JSC Phan Minh Thong noted that with tax incentives, the deals will help Vietnamese goods compete with those from other countries despite difficulties forecast for this year 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 from export, statistics show.

Notably, thanks to the EU-Vietnam Free Trade Agreement (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 USD this year, which is within its reach as the FTAs will accelerate the relocation of investment from other countries to Vietnam, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Minister of Industry and Trade Nguyen Hong Dien also held that the agreements will further prove their role this year as the market share of many key exports still remains limited in foreign countries./.