FTAs help push Vietnam’s exports

As of late 2022, 15 FTAs, to which Vietnam is a signatory, became effective, and two others were in the negotiation process.

With import and export tariff incentives offered by these trade deals, Vietnamese importers and exporters have many competitive advantages in these markets with similar products.

To bring into full play these advantages, Nguyen Thi Thu Trang, Director of the World Trade Organisation (WTO) Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), said that the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, and the Ministry of Culture, Sports and Tourism will launch product promotion campaigns designed for each market, with priority given to the US, Europe and other choosy markets.

Accordingly, the Vietnam Trade Offices in the markets that have signed FTAs with Vietnam will build a channel to connect partners with Vietnamese enterprises in each market and disseminate information about these channels to businesses.

Thanks to advantages brought about by the FTAs, 2022 marks the seventh consecutive year Vietnam has reported a trade surplus.

Statistics of the Ministry of Industry and Trade showed that this year’s import-export turnover is estimated at US$732 billion, up 10% year-on-year. Of the total, US$371.5 billion comes from exports, up 10.5% year-on-year, exceeding the target of 8% assigned by the National Assembly and the Government.

This year, 39 commodities report their export turnover of over US$1 billion, with nine surpassing the US$10-billion mark.

Trinh Minh Anh, Chief of the Office of the Inter-sectoral Steering Committee for International Economic Integration under the Ministry of Industry and Trade, said that the domestic market has recovered strongly, with the growth of 2.7 times higher than the plan, basically meeting the demand for essential goods of the people, and helping to control inflation in the context of a strong recovery in demand for goods after the COVID-19 pandemic and great fluctuations of the world market, and many countries facing high inflation.