Q1 exports rise as Vietnam takes advantage of FTAs: Official
Vietnam has been making good use of advantages of the international economic integration process, helping to increase the country’s exports by 22% year-on-year and imports by 26% in the first quarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade.
Talking to the press, Hai said the EU-Vietnam Free Trade Agreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have become effective, and the Regional Comprehensive Economic Partnership (RCEP) is about to come into effect.
For the EU market, several Vietnamese commodities have enjoyed incentives of the EU’s Generalised System of Preferences (GSP) for years.
However, for the long term, taking advantage of opportunities brought about by the EVFTA is a sustainable and equal preference. Specially, for the commodities that Vietnam has advantage, they can enjoy preferences on origins combined in the EVFTA, Hai said.
He advised enterprises to bring into full play advantages of the agreement and then change their production process and material supply to meet requirements of origin.
Looking back on the import-export figures in the first quarter, Hai said, electronic products, electric appliances and furniture are the most benefited as increasing demand from the European and North American markets.
However, such products as garments and footwear are facing difficulties caused by the disruption of the supply chains.
Hai also proposed businesses take the initiative and make good preparations to deal with any possible instable factors.
During January – March, Vietnam’s import-export turnover is estimated at US$152.65 billion, up 24.1% year-on-year.
