Greater efforts to be made for stronger cooperation with European-American market

A view of Hai Phong port in Hai phong city. — VNA/VNS Photo

The European-American Market Department under the Ministry of Industry and Trade (MoIT) stated it will closely monitor regional developments and policy changes, while enhancing research and exploring opportunities to strengthen Việt Nam's economic and trade cooperation with these countries.

Attention will be paid to effectively promoting the implementation of Free Trade Agreements (FTAs) and existing cooperation mechanisms, along with studying the possibility of upgrading and signing FTAs with potential markets, and strengthening its role as a bridge between domestic production and import-export enterprises and foreign partners.

The agency’s operations will also focus on providing information on policies and markets to relevant agencies and businesses.

Tạ Hoàng Linh, Director of the Europe-America Market Department, said that in 2024, the department worked with both domestic and international agencies to implement a range of practical solutions and initiatives aimed at helping businesses restore production and boost import-export activities. These efforts have revitalised the domestic market by tapping into traditional markets, expanding potential ones, removing trade barriers, and safeguarding the interests of Vietnamese businesses globally.

Statistics from the MoIT show that the trade turnover between Việt Nam and the European-American market last year witnessed a strong recovery and growth, hitting some US$250 billion, up 18.5 per cent compared to 2023. The trade surplus with the market exceeded the $150 billion mark for the first time, reaching $154.2 billion.

Việt Nam's export earnings from the US and the EU totaled $119.3 billion and $51.9 billion, expanding by 23 and 18.8 per cent year-on-year, respectively.

The country's key export items to the market in 2024 also saw impressive recovery and growth compared to 2023. Specifically, computers, electronic products, and components raked in $34.6 billion, presenting a year-on-year surge of 39.7 per cent.

To expand export markets, the department has sought ways to maximise the FTAs between Việt Nam and the EU (EVFTA), the Eurasian Economic Union (EAEU) (VN-EAEU), and the UK (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Việt Nam – Chile FTA (VCFTA), among others.

The agency is also working hard on pushing negotiations for another FTA with Mercosur - the world's fifth-largest economic bloc comprising Brazil, Argentina, Uruguay and Paraguay. In particular, it participates in supporting the resolution of anti-dumping and anti-subsidy investigations, as well as addressing other trade barriers regarding food safety and hygiene, Sanitary and phytosanitary (SPS) control, and standards in goods production and fisheries.

The unit has also actively implemented a project to encourage Vietnamese enterprises' direct involvement in foreign distribution networks by 2030. This includes successfully organising a series of international supply chain connection events, such as Vietnam International Sourcing 2024 in HCM City and Vietnam Goods Week in Japan, Germany, and the United Arab Emirates (UAE).