- Proper trademark strategy in need to boost rice exports to UK
- Export-import growth hits 10-year high
- Foreign firms hold 95% of Vietnamese electronics export value
Statistics released by the Ministry of Industry and Trade (MoIT) indicate that total import and export turnover over the four-month period surged by 29.5% to US$206.51 billion compared to the same period from last year, with the country posting a trade surplus of US$1.29 billion.
Most notably, 19 export items recorded an export turnover of over US$1 billion, therefore accounting for 84.5% of the country’s total export turnover, with the United States representing the nation’s largest export market.
Than Duc Viet, deputy general director of Garment 10 Corporation Joint Stock Company (Gament 10), says that despite disruption in the supply source of raw materials and a decline in the number of orders in traditional markets due to the COVID-19 pandemic, the company has pivoted to export other products. This includes selling face masks and protective clothing in an effort to fulfill the set targets for last year and the first quarter of this year.
Le Tien Truong, general director of the Vietnam National Textile and Garment Group (Vinatex), notes that the company has received enough export orders for the first half of the year, especially for the garment and yarn industries.
Moving forward, import and export activities are predicted to continue to prosper in the near future due to the implementation of various free trade agreements (FTAs) in a more comprehensive and effective manner, according to the MoIT.
In particular, it is anticipated that new-generation FTAs will create more favourable conditions in which Vietnamese goods can penetrate partner markets and enjoy preferential tariffs, thereby accelerating export growth as they develop.
Furthermore, as the price of exported goods gradually increases, strong local products will become a key driving force in increasing export value.
Despite this, the MoIT have acknowledged that import and export activities face hurdles due to difficulties relating to the transportation of goods, low market demand, coupled with the high cost of logistics and imported materials. This is alongside changes in terms of trade remedies and food safety regulations which are set by import markets.
Tran Thanh Hai, deputy director of the Import-Export Department under the MoIT, has advised businesses to strictly monitor developments in the global market in order to seize upon export opportunities amid complicated developments of the pandemic.
The US is predicted to see high export growth moving forward, followed by the European market, along with both the African and Oceanian markets, Hai emphasised.
Hai therefore recommends that local firms improve their competitiveness and adaptability to overcome challenges and seize upon these opportunities in the new context, adding that the MoIT will continue to support businesses in providing information relating to the market. They will also make efforts to simplify administrative procedures for local firms whilst organising online trade promotion activities.
