The fishery industry sets an seafood export target of 9.5 billion despite predicting that this industry will continue to face many difficulties in 2024. (Photo: VNA) To reach this target next year, it is forecast to face manydifficulties and challenges as the export value target in 2023 has not beencompleted. Specifically, the export value in 2023 is estimated to reach about$355 billion, down 4.5% over the same period last year. It does not reach theplanned growth target of 6%.
According to the ministry, along with taking full advantage of existing freetrade agreements (FTAs), FTAs with new markets such as Israel and the UAE willcreate more opportunities to promote trade and investment, especially exports,of Vietnam in 2024.
Good political relations have been strengthened and upgraded with majorpartners such as China, the US and the EU, creating a premise for expandingeconomic, trade and investment cooperation.
Now, a number of Vietnam’s key export industries have set growth targets for2024.
Truong Van Cam, vice chairman and general secretary of the Vietnam Textile andApparel Association (VITAS), said that with 2023 export turnover reaching 40.3billion USD, the industry sets an export target of 2024 to reach 44 billion USD,an increase of 9.2%.
The seafood industry sets an export target of 9.5 billion USD despitepredicting that this industry will continue to face many difficulties in 2024,especially the European Commission (EC) maintaining a yellow card warning forexploited seafood products in Vietnam.
The Ministry of Industry and Trade believes that by 2024, theworld and domestic economic situation will have more positive factors forimport and export activities. Of which, the US Federal Reserve (FED) has issueda message to stop raising interest rates and consider reducing interest ratesin 2024.
However, the ministry has also noted the trend of having more andmore trade protection. Some countries bring investment back home, and erecttrade barriers to protect and promote their country's production.
Therefore, Nguyen Cam Trang, deputy director of the MoIT'sImport-Export Department, emphasised that to achieve the export growthtarget of 6% next year, the ministry will promote negotiations and signing ofnew agreements, commitments, and trade links, sign FTAs and trade agreementswith other potential partners, such as the UAE and South America, to diversifymarkets, products and supply chains.
The Import-Export Department will continue to support the businesses to takeadvantage of commitments in the FTA to boost exports, and shift to officialexports associated with brand building.
Trade promotion is one of the important activities to promote export growth.
Therefore, the Department of Trade Promotion in 2024 will exchangeand coordinate with localities, industry associations and businesses toevaluate the export situation and support them to develop markets and promotethe consumption of goods.
In addition, the Department of Trade Promotion will regularly update policiesand changes in standards and conditions of export markets so that businessesand industry associations can understand and have suitable plans and strategiesfor production and business.
For the textile and garment industry, to achieve the export target of 44billion USD, Cam said VITAS will promote solutions on market, human resources,science - technology and raise capital, and investment in sustainabledevelopment.
The textile and garment industry will continue to diversify its supply of rawmaterials and accessories as well as expand export markets, by improvingmarketing capacity and seeking for direct customers, Cam said.
Currently, requirements on green and sustainable economicdevelopment are gradually forming new rules in the trade. Many economies aroundthe world have set stricter environmental regulations for imported goods. Greenexport is an inevitable trend, so Vietnam is not out of this game.
VITAS representative also hopes support in interest rate will beimplemented faster to create favourable conditions for the businesses inexpanding production and having more resources for green transformationaccording to new regulations of the world market.
Meanwhile, Trang proposed the MoIT to have supports for the businesses toovercome new trade barriers in import markets.
The ministry will support for them in the development and implementation oflarge-scale trade promotion activities for key products and industries in targetmarkets, she said.
Minister of Industry and Trade Nguyen Hong Dien said that Vietnam trade officesabroad need to provide information about the market and new regulations andpolicies of the host country. Thereby, they have early warning of new barriersfrom partners, help State management agencies and the businesses to haveappropriate policy responses, and improve efficiency in export activities.
Economic expert Dr Can Van Luc said that in addition toreduced export orders, many businesses face difficulties because thesupply chain is still risky and input costs are high. In particular, the trendof greening and circular business is a big challenge for the enterprises.
Therefore, the enterprises need to diversify capital sources, markets,partners, and supply sources. They also need to proactively apply greenproduction, green consumption, and circular business models to improveefficiency in production and export./.
VNA
