Business

Q1 exports rise as Vietnam takes advantage of FTAs: Official

Vietnam has been making good use of advantages of the international economic integration process, helping to increase the country’s exports by 22 percent year-on-year and imports by 26 percent in the first quarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade.
Q1 exports rise as Vietnam takes advantage of FTAs: Official ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Vietnam has been making good use of advantages of theinternational economic integration process, helping to increase the country’sexports by 22 percent year-on-year and imports by 26 percent in the firstquarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of ForeignTrade under the Ministry of Industry and Trade.

Talking to the press, Hai said the EU-Vietnam Free TradeAgreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) have becomeeffective, and the Regional Comprehensive Economic Partnership (RCEP) is aboutto come into effect.

For the EU market, several Vietnamese commodities haveenjoyed incentives of the EU’s Generalised System of Preferences (GSP) foryears.

However, for the long term, taking advantage ofopportunities brought about by the EVFTA is a sustainable and equal preference.Specially, for the commodities that Vietnam has advantage, they can enjoypreferences on origins combined in the EVFTA, Hai said.

He advised enterprises to bring into full play advantages ofthe agreement by understanding the advantages for their commodities and thenchange their production process and material supply to meet requirements oforigin.

Looking back on the import-export figures in the firstquarter, Hai said, electronic products, electric appliances and furniture arethe most benefitted as increasing demand from the European and North Americanmarkets.

However, such products as garment and textiles and footwearare facing difficulties caused by the disruption of the supply chains.

Hai also proposed businesses take the initiative and makegood preparations to deal with any possible instable factors.

During January – March, Vietnam’s import-export turnover isestimated at 152.65 billion USD, up 24.1 percent year-on-year./.
VNA
#international economic integration #Tran Thanh Hai #EVFTA #Q1 exports #Vietnam #Vietnamplus #Vietnam News Agency
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