Hanoi (VNA) – The European-American Market Department under the Ministry of Industry and Trade (MoIT) will continue keeping a close watch on the situation and policy changes in countries in the region, while intensifying policy and market research and exploring opportunities to boost economic - trade cooperation between Vietnam and the nations.
Attention will be paid to effectively promoting the implementation of Free Trade Agreements (FTAs) and existing cooperation mechanisms, along with studying the possibility of upgrading and signing FTAs with potential markets, and strengthening its role as a bridge between domestic production and import-export enterprises and foreign partners.
The agency’s operations will also focus on providing information on policies and markets to relevant agencies and businesses.
According to Ta Hoang Linh, Director of the Europe-America Market Department, in 2024, the department collaborated with domestic and foreign agencies to implement numerous practical solutions and activities to support businesses in restoring production and boosting import-export activities. Such efforts have given a boost to the domestic market, not only by tapping into traditional markets and expanding potential ones, but also by removing trade barriers and protecting the interests of Vietnamese businesses on the international arena.
Statistics from the MoIT show that the trade turnover between Vietnam and the European-American market last year witnessed a strong recovery and growth, hitting some 250 billion USD, up 18.5% compared to 2023. The trade surplus with the market exceeded the 150 billion USD mark for the first time, reaching 154.2 billion USD.
Vietnam's export earnings from the US and the EU totaled 119.3 billion USD and 51.9 billion USD, expanding by 23% and 18.8% year-on-year, respectively.
The country's key export items to the market in 2024 also saw impressive recovery and growth compared to 2023. Specifically, computers, electronic products, and components raked in 34.6 billion USD, presenting a year-on-year surge of 39.7%.
To expand export markets, the department has sought ways to maximise the FTAs between Vietnam and the EU (EVFTA), the Eurasian Economic Union (EAEU) (VN-EAEU), and the UK (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Vietnam – Chile FTA (VCFTA), among others.
The agency is also working hard on pushing negotiations for another FTA with Mercosur - the world's fifth-largest economic bloc comprising Brazil, Argentina, Uruguay, and Paraguay. In particular, it participates in supporting the resolution of anti-dumping and anti-subsidy investigations, as well as addressing other trade barriers regarding food safety and hygiene, Sanitary and phytosanitary (SPS) control, and standards in goods production and fisheries.
The unit has also concertedly implemented a project to promote Vietnamese enterprises' direct participation in foreign distribution networks by 2030, through successfully organising a series of international supply chain connection events, such as Vietnam International Sourcing 2024 in Ho Chi Minh City, and Vietnam Goods Week in Japan, Germany, and the United Arab Emirates (UAE)./.
