Ministry promotes market development in Northeast Asia

Northeast Asia is a large market with a population of about 1.6 billion people and includes including important trade partners of Vietnam such as China, Japan and the Republic of Korea (RoK).

The partners in the the Northeast Asia region have signed and participated in bilateral and multilateral free trade agreements with Vietnam such as the Vietnam - Korea Free Trade Agreement (VKFTA), the Vietnam - Japan Economic Partnership Agreement (VJEPA), the Regional Comprehensive Economic Partnership Agreement (RCEP).

So these agreements were a key support for the development of trade and investment exchanges with countries in the Northeast Asia region, while also helping Vietnam participate in the regional and global supply chain, said the MoIT’s Asian - African Market Department.

Exports to China reached US$61.2 billion, up 6.4% at the end of last year, a bright spot while other export markets were declining.

Exports to the remaining markets in the Northeast Asia region decreased slightly, of which exports to Japan and the Republic of Korea declined by 4% and to Taiwan (China) fell by 7%.

From the start of 2024 and facing concerns about the world economic outlook, the MoIT determined that it was necessary to push further and explore deeper in order to promote exports to the region and also remove any barriers for the business community in order to increase bilateral trade turnover with all partners in the world.

Those in the Northeast Asia region have seen a more visible export push in the first months of the year.

Firstly, foreign affairs activities have been strongly implemented to promote bilateral co-operation in trade, industry, and energy through visits of senior leaders to China, Japan, and the RoK.

Secondly, the ministry promoted and co-ordinated with partners in other countries to implement the cooperation contents agreed upon at joint meetings and the agreements and action plans.

The ministry is also providing market information guides on how to access the markets of Northeast Asian countries and organised conferences to promote those free trade agreements and helping the business community to grasp and exploit advantages offered by the FTAs.

Vietnamese businesses received help to connect to domestic and foreign trade organisations to boost exports.

Lastly the ministry will co-ordinate and support localities in organising trade promotion activities, removing difficulties at border gates, focusing on key and seasonal agricultural products such as lychee, rice, durian, dragon fruit to the markets of China, Japan and the RoK.

The total trade turnover between Vietnam and countries in the Northeast Asia region reached over US$112 billion in the first four months of this year, an increase of 16% over the same period last year.

Of which, exports to China increased by 14.3%, to the RoK up 8.8%, Japan up 3.2%, Taiwan (China) up 20%; Hong Kong (China) up 59%.

The Cong Thuong (Industry and Trade) Magazine quoted the Asian - African Market Department as saying that they want to keep up this momentum of recovery and at the same time promote further growth for Vietnam's economy and trade over the remainder of 2024.

The MoIT will continue to focus on and simultaneously find solutions to develop Vietnam's foreign trade, in which the Northeast Asia region has been identified as key.