A electronic component production line (Illustrative photo: congthuong.vn) Trade between Vietnam andother ASEAN nations has surged over the past years, from merely 3.5 billion USDin 1995, when the country became a member of the bloc, to 42 billion USD in 2015and 53.6 billion USD in 2020. Last year’s figure accounted for 9.8 percent ofVietnam’s total trade turnover.
In the first seven months of2021, in spite of the pandemic’s negative impacts, bilateral trade still wentup 38.5 percent year on year to 40.8 billion USD. That includes 16.1 billionUSD of Vietnam’s exports and 24.7 billion USD of imports, respectively rising25.9 percent and 48.2 percent.
ASEAN is a large market witha combined population of nearly 700 million, a growing middle class, lifestyleand cultural similarities, and geographical proximity among membernations. Given this, Vietnam still has much room to boost exports to regionalcountries, according to the Cong Thuong (Industry & Trade) newspaper.
Nguyen Phuc Nam, Deputy Directorof the Asia - Africa Market Department at the Ministry of Industry and Trade,said there remain numerous good opportunities for Vietnamese goods to enterASEAN markets.
Indonesia, Thailand, and thePhilippines are the biggest importers of Vietnamese goods at present. WhileThailand prefers dried fruit and apparel for tourists, the other two have highdemand for power generators, water pumps, and telecoms devices from Vietnam.
ASEAN countries are alsomajor importers of Vietnamese rice, he noted.
Many other Vietnameseproducts also hold great potential for export to these destinations such asitems of the processing and manufacturing industry, mobile phones, computers,electronic devices, tea, garments and construction materials.
However, experts held that Vietnameseenterprises have yet to take full advantage of the ASEAN market.
Over the last 10 years, thecountry has continually recorded a trade deficit of 6 billion - 7 billion USD,equivalent to 30 percent of total export value, with this market.
Data of the GeneralStatistics Office (GSO) show that the deficit stood at around 8.6 billion USD inthe first seven months of 2021, shooting up 123 percent from the same periodlast year.
To fuel shipments to thisregion, a GSO official suggested that Vietnam should pay more attention to itspolicies on trade with regional countries while optimising advantages createdby the free trade agreements between ASEAN and partners around the world.
It is also necessary to keepimproving technology application to enhance the competitiveness of Vietnamesegoods, step up trade in services and investment, and promote the country’scompetitive edge.
As Vietnam and some otherASEAN members share a high similarity of the product structure, it shouldactively engage in the shift of the capital flow within the bloc and cooperatewith them to export goods to global markets, the GSO official said.
The Asia - Africa MarketDepartment recommended Vietnamese firms proactively learn about each country’sdemand and requirements to have effective approaches./.
VNA
