The VIOIT recently released a report on global and domestic socio-economic developments and their impact on Vietnam’s industrial and trade sectors in June this year.

According to the report, Vietnam faces both opportunities and challenges in industrial and trade development amid global volatility.

Director of the MoIT’s Agency for Foreign Trade (AFT) Nguyen Anh Son said that amid a complex and volatile global economic landscape, the ministry will implement synchronised measures, including market expansion through research, negotiation and the signing of cooperation agreements with new markets, especially the US, on the basis of fairness and reciprocity.

The ministry also plans to effectively leverage strategic markets and existing free trade agreements (FTAs), closely monitor global developments, provide timely policy advice and offer early risk warnings to enterprises and industries, he said.

Exporting enterprises should capitalise on Vietnam’s 17 FTAs covering over 60 countries and territories, along with 70 bilateral cooperation frameworks, noted Director of MoIT’s Department of Foreign Market Development Ta Hoang Linh.

The Dai Doan Ket (Great Unity) online newspaper quoted Linh as saying that the ministry would continue efforts to open up export paths to new and underutilised markets.

The ministry is promoting FTA negotiations with countries in Latin America, South Asia, Eastern Europe and the Middle East, he added.

Most recently, during the Brazilian President’s visit to Vietnam, both sides took the opportunity to push for an FTA with the Southern Common Market (Mercosur) through Brazil, a highly respected member of the bloc.

A joint working group between Vietnam and Brazil has been established to seek ways to enhance bilateral trade relations and promote the FTA.

In the near future, the MoIT will also promote FTAs with countries in the Gulf Cooperation Council, as well as Pakistan, India, Egypt and others.

Vietnam’s export performance had been highly positive in the first half of this year, said the AFT director.

Total export turnover is estimated to have reached US$219.8 billion, up 14.4% year on year, surpassing the set target.

Enterprises have made good use of FTAs, with exports to the EU up 12% and to Japan and the Republic of Korea up more than 10.6% each. Exports to the US have grown by 27.4%.

Potential markets such as Africa also saw strong growth, up 36.5%, with countries like Algeria, Côte d’Ivoire, Ghana and Senegal seeing increases ranging from 116% to 200%.

Vietnam joins 20 FTAs and seeks new trade deals

VOV.VN - Vietnam has joined 20 free trade agreements (FTAs), including 16 FTAs that have already been implemented, heard a conference held on January 6 in Hanoi to review activities and devise orientations for the year ahead by the Ministry of Foreign Affairs.