Large room for Vietnam to boost exports to Europe, America

Illustrative image (Photo: VNA)

Vietnam’s exports to the European and American markets will continue to benefit from free trade agreements (FTAs) that Vietnam signed with partners in the regions, said Ta Hoang Linh, Director of the Europe-American Market Department under the Ministry of Industry and Trade.

Linh said that the new-generation FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-Chile FTA, the EU-Vietnam Free Trade Agreement (EVFTA), the Vietnam-Eurasian Economic Union FTA (VN-EAEU FTA), and the UK-Vietnam Free Trade Agreement (UKFTA), will continue to have positive impacts on Vietnam's trade, investment and export activities.

European and American countries have enhanced the search for alternative goods supply sources and alternative investment locations, and Vietnam may be an option, Linh said.

The move towards producing green and environmentally-friendly products will create a competitive advantage for Vietnam's export goods in the future when the demand for products of this kind in Europe and America is increasing, he noted.

Vietnam will receive more and more support from developed countries in energy transition and changing production towards a circular economy and sustainable development in both production and consumption, Linh stressed.

To further promote exports, the official said the MoIT needs to keep a close watch on the market's developments, and propose cooperation frameworks and measures to expand export markets.

Vietnam will promote the persification of markets and categories of products to reduce the dependence on traditional markets and sectors. (Photo: VNA)

Attention should be paid to implementing the FTAs, especially new-generation FTAs such as the CPTPP, EVFTA and UKVFTA, helping businesses to make the most of opportunities from and limit challenges posed by these agreements, Linh said.

The MoIT will promote the persification of markets and categories of products to reduce the dependence on traditional markets and sectors, he said.

The MoIT will coordinate with the trade offices abroad to help businesses effectively exploit markets and protect their legal rights, Linh went on.

He also proposed banks to support Vietnamese enterprises to standardise production processes, improve the competitiveness as well as have policies to control credit sources flowing into production and export activities./.