Foreign trade likely to hit new record this year

At Hai Phong port. (Photo: VNA)

Exports and imports reported double-digit growth in the first quarter of 2022, signaling a good year for the foreign trade.

Some experts forecast that total export-import revenue can reach a record high of 700 billion USD this year so the Ministry of Industry and Trade (MoIT) has been taking drastic measures to improve how market information are being provided to exporters.

Vietnam’s foreign trade rose by 176 billion USD in Q1, a year-on-year increase of 14.4 percent, according to Tran Thanh Hai, Deputy General Director of the Agency of Foreign Trade. Exports alone expanded by 12.9 percent during the period.

The country enjoyed relatively high growth in agricultural product shipments, at 18 – 19 percent, he noted, adding that some key exports such as coffee, rice and aquatic products saw even higher growth of up to 50 percent.

Hai attributed the surges to great benefits brought by new-generation free trade agreements (FTAs), particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA), UK-Vietnam FTA (UKVFTA), and the Regional Comprehensive Economic Partnership (RCEP).

These are FTAs between Vietnam and major trade partners and they all work out well, he said.

As the MoIT expects foreign trade to surge by 6 – 8 percent to reach 363 billion USD this year, with trade surplus maintained, it has focused on helping traders make the most of the FTAs.

The ministry has developed a number of websites providing information updates to domestic firms. In addition to themed websites run by Vietnamese trade offices overseas, it launched the Vietnam National Trade Repository (VNTR) at https://vntr.moit.gov.vn, which was built with the help of the UK Government, in the end of March.

It forms part of Vietnam’s moves to fulfill its commitments to ASEAN in enhancing transparency of trade policies and regulations, facilitating region trade and supporting the business community to gain broader access to information regarding trade, services and investment within the ASEAN cooperation.

The MoIT has also organised a number of virtual and in-person training courses on trade policies and FTAs and given away various handbooks, publications and materials providing instructions on how to export to China and new markets like the Middle East and Latin America.

A new handbook is expected to come out soon to instruct firms to shift from unofficial-quota to official-quota export, it revealed./.