A stepping stone to bring import-export turnover obtained 1 trillion USD by 2025

VCN - Prof. Dr. Nguyen Thuong Lang (photo), Institute of International Trade and Economics, National Economics University, said that in order to take advantage of opportunities from new-generation Free Trade Agreements (FTAs), the improving the business environment, upgrading infrastructure for export are always valued and desired by enterprises.
Prof. Dr. Nguyen Thuong Lang, Institute of International Trade and Economics, National Economics University
Prof. Dr. Nguyen Thuong Lang, Institute of International Trade and Economics, National Economics University

What do you think about the issues affecting the export situation of Vietnam in 2023?

- Following the momentum from 2022, in 2023, Vietnam's import and export turnover may reach new records, in which export turnover may exceed USD 400 billion - an unprecedented number. This is a stepping stone to help the total import and export turnover to reach USD 1 trillion by 2025. However, import and export activities in 2023 may face local difficulties such as fluctuations in the energy market, real estate market fluctuations, etc. world economic stability caused by Russia-Ukraine conflict, decline in aggregate demand due to inflation, supply disruption...

Domestically, favorable trade conditions for Vietnamese exports such as increased prices of food, food and agricultural products help increase turnover, but technical barriers, quality standards, hygiene and quarantine, and rules of origin; traceability, growing area code… are also stricter. Besides, the issue of competition for export markets, competition to attract foreign investment (FDI) from countries in the region can also reduce FDI in Vietnam, thereby affecting total turnover of export.

How do you assess the impact of new generation FTAs on Vietnam's exports in the face of such fluctuations?

- New generation FTAs create a wide and deep market for Vietnamese exports by reducing taxes to almost 0%, helping to reduce costs, simplify procedures and create export advantages. At the same time, FTAs also help to bring advantages of resources such as low-cost labor, taking advantage of abundant capital and high technology from transnational corporations, building a supply chain, etc. The new system has a high standard but still has an impact that exceeds expectations. Therefore, FTAs are considered as tools to overcome fluctuations in the world economic market and the evolution of the Covid-19 pandemic.

When making effective use of FTAs, Vietnamese enterprises will turn advantages into benefits. These FTAs also affirm Vietnam's confidence in implementing international commitments, showing that Vietnam is willing to deeply participate in the global market. This is the driving force for both domestic and FDI enterprises to expand investment in Vietnam for export activities. Combined with advantages in capital, technology, networks and global brands, Vietnamese businesses and the economy have a comparative advantage in creating significant commercial benefits.

However, new generation FTAs have certain challenges such as high accuracy in compliance to enjoy deep tax reductions in a short time, high requirements on rules of origin, environmental requirements, and labor standards as well as many technical and non-technical barriers. All FTAs require building a strict and scientific value chain, optimizing benefits and ensuring long-term partnerships. This is a challenge in investing in building a supply chain from the first stage of research, development and innovation to the last stage of after-sales service.

From the above issues, what are the recommendations for state agencies to take advantage of opportunities and limit challenges in the implementation of FTAs in order to accelerate exports in 2023, sir?

- In order to respond well in the implementation of the FTA, the management agencies need to pay attention to the development of enterprises with solutions to encourage innovation, support investment in the development of the foundation industry and other key export products, develop supporting industries and promote entrepreneurship.

Therefore, the current urgent requirement is to improve the business environment and upgrade the infrastructure for export to maximize cost savings. For businesses, the requirements of transparency, equality, friendliness and cooperation of the business environment are always respected in order to reduce intermediaries and unofficial costs. The simplification of administrative procedures, business and trade facilitation in terms of technical infrastructure, logistics services and social infrastructure must be implemented effectively and efficiently, creating a positive difference to create breakthrough results.

Enterprises need to study and master the requirements of the new generation FTA in terms of regulations of origin, environmental standards, labor standards, responsible business and investment that meet technical standards and regulations and non-technical. Businesses also need to invest in branding, networking, quality improvement, applying new business models, combining traditional commerce with e-commerce, and promoting risk forecasting.

In addition, the authorities need to actively negotiate to expand export markets, have a strategy to create large-scale export goods, build a market information system, information on FTAs, support the promotion of export products, develop high-quality human resource market, build a team of trade experts to advise effective policies and support business development.

By Hương Dịu/Bui Diep

Related News

Quang Tri Customs: Efforts to reduce cargo clearance time and costs

Quang Tri Customs: Efforts to reduce cargo clearance time and costs

VCN - Actively implementing solutions to reform administrative procedures, and supporting and accompanying businesses, Quang Tri Customs Department has brought signs of improvement in import-export activities through the area.
The quality of economic management at the provincial level continues to improve

The quality of economic management at the provincial level continues to improve

VCN - In production and business activities, support from local authorities plays a very important role. The good news is that in a context of economic pressure, businesses have appreciated the positive efforts of provincial and city governments in improving the business environment compared to before.
Increase foreign investment resources from improving the business environment

Increase foreign investment resources from improving the business environment

VCN - In the two years 2024-2025, the proportion of foreign invested enterprises (FDI) expected to expand production and business will decrease compared to previous years, reflecting a more cautious trend of FDI enterprises due to the impact of the current unpredictable global economic context.
"The key" to growth motivation for enterprises

"The key" to growth motivation for enterprises

VCN - Unlocking growth motivations is an urgent requirement from the Government to help enterprises and the economy quickly recover. But unlocking the driving motivations must be accompanied by drastic reforms in institutions and the business environment to create conditions and increase confidence for enterprises to step forward.

Latest News

Traceability helps improve product value

Traceability helps improve product value

VCN - Traceability of origin has been and is a mandatory requirement for Vietnamese goods when exporting to several markets. The application of information technology and the use of QR codes is an effective solution in traceability, increasing value and promoting product consumption, especially agricultural products.
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw material areas, ensuring sustainable and effective farming quality and minimizing environmental pollution. Vietnam is also the first country in the world to build a large-scale project on sustainable rice production and reduced emissions.

More News

Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

VCN - The flow of goods passing through Hai Phong port area has tended to improve recently.
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
FDI attraction in five months tops 11 billion USD

FDI attraction in five months tops 11 billion USD

More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.
What to do to develop Vietnam

What to do to develop Vietnam's automobile industry when implementing FTAs?

VCN - On May 24, Customs Magazine organized a discussion on the topic "Vietnam's automobile industry implements the Free Trade Agreement: In which direction to develop?"
The processing and manufacturing industry increased by 6.3% in four months

The processing and manufacturing industry increased by 6.3% in four months

VCN - Continuing the recovery momentum from the end of 2023, industrial production in April and the first four months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.
Capital city to become an agriculture hub

Capital city to become an agriculture hub

The city’s cash crops were said to not require a large cultivating area but a high standard of production and processing, which have been identified as a solid foundation to penetrate foreign markets.
Renewables – key to green development in Mekong Delta

Renewables – key to green development in Mekong Delta

Renewable energy is seen as a sustainable choice for the Mekong Delta region to respond to environmental challenges, given that the country’s rice and fisheries granary has lost up to 300 million USD to prolonged drought and extreme salt intrusion.
Read More

Your care

Latest Most read
Traceability helps improve product value

Traceability helps improve product value

VCN - According to Dang Phuc Nguyen, General Secretary of Vietnam Fruit and Vegetable Association, currently, linking production with consumption of agricultural products plays a very important role in agricultural development, helping to enhance the bene
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw mat
Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

The flow of goods passing through Hai Phong port area has tended to improve recently.
Mobile Version