Taking advantage of free trade agreements and flexibly adapting to world unstable development, Vietnam’s spearhead economies such as fisheries, garment and textiles and wood production are accelerating exports to increase turnover.
According to statistics of the Vietnam Customs, as of May 15, export turnover reached US$135 billion, up 15.5% year-on-year.
Full of orders
The Vietnam Textile and Apparel Association (VITAS) forecasts that the sector could enjoy an export turnover of US$42-43.5 billion this year.
Than Duc Viet, General Director of Garment 10 Corporation, said that the corporation has received enough orders for its traditional products throughout the third quarter of 2022 and its customers are confident in the flexibility and adaptability of Vietnamese enterprises.
The wood processing sector is also full of orders till the fourth quarter of 2022. Vice President of the Ho Chi Minh City Handicraft and Woodworking Association (HAWA) Nguyen Chanh Phuong said that if the average export turnover is about US$1.5 billion per month as it is now, the industry's target of around US$16.5 billion in export value by the end of 2022 is completely feasible.
The fisheries sector enjoyed a record export value in the first five months of this year with US$3.65 billion, up nearly 47% against the same period of last year.
Fully exploiting opportunities brought about by FTAs
Talking about opportunities to boost exports of the wood industry, Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration under the Vietnam Chamber of Commerce and Industry, said Vietnam's wood processing and export industry is enjoying an important advantage from free trade agreements (FTAs). The FTAs help businesses increase their competitiveness and market share in not only traditional markets such as China, Japan, and the Republic of Korea, but also in markets that are not familiar with Vietnamese furniture such as ASEAN or Oceania.
Customers in these regions belong to many diverse segments, including those that are not too choosy, and have high demand for many wood products of Vietnam. This opens up more opportunities for producers and exporters, especially small and medium-sized enterprises.
VITAS President Vu Duc Giang stated that currently, most fashion brands in the US, Japan, Europe, and even China are more demanding on garment products.
Enterprises that want to join the global playing ground should renew themselves, be more transparent in production as well as ensure products are clearly traceable, and ensure green development factors, he added.