The Ministry of Industry and Trade (MoIT) is gearing up to implement major initiatives aimed at boosting exports to the European and American markets in the upcoming year, as announced by Ta Hoang Linh, Director of the European-American Market Department under the MoIT.
To maximize advantages and address challenges in both exports and imports, the ministry plans to closely monitor global market developments, political changes, and policy shifts, providing timely warnings and consultancy to businesses. Collaborations with relevant entities, associations, enterprises, and localities will be prioritized to implement development strategies. The focus will be on optimizing free trade agreements (FTAs) and other cooperation frameworks to diversify markets, products, and distribution channels.
The MoIT will also work to raise awareness among domestic producers and exporters about the circular economy approach, emphasizing sustainable production and consumption to reshape their mindset in production.
Trade between Vietnam and the European-American markets witnessed a decline of about 9.5% last year, totaling $208 billion USD, with exports reaching $166 billion USD, down 9.6%. Experts attribute the decline to the global economic slowdown in the first half of 2023, coupled with a sluggish and uneven recovery in the second half, along with inflation and political uncertainty impacting consumption habits.
Despite the challenges, Linh highlighted the maximized utilization of FTAs between Vietnam and the markets, with consumption demand showing signs of recovery. Industrialized countries’ strategies to diversify sources of supply, supply chains, and investments position Vietnam as an essential production and export center in the global value chain.
The MoIT sees opportunities in the promotion of the green economy, digital transformation, and the circular economy in regional countries, presenting advantages for the Vietnamese business community and opening up new cooperation opportunities. Challenges include lower economic growth forecasts for the global and European-American markets in the coming year, persistent geopolitical conflicts, increased protectionist policies, and a growing trend of globalization. Developed countries are paying increased attention to sustainable development, climate change response, and consumer safety, leading to the formulation of more stringent standards and regulations for imports.