Open export markets

VCN - In 2024, the Government targets export growth of at least 6% compared to 2023 in the context that the market situation is forecast to remain difficult. To achieve the goal, diversifying the market and expanding the market is the method that has been chosen by many businesses.
Exploring potential export markets from the Eurasian region Exploring potential export markets from the Eurasian region
Vietnamese textile-garment sector logs record number of export markets Vietnamese textile-garment sector logs record number of export markets
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Purchasing durian in Da Huoai district (Lam Dong). Photo: Vietnam News Agency
Purchasing durian in Da Huoai district (Lam Dong). Photo: Vietnam News Agency

Wide door for export goods

Currently, Vietnam's export goods are present in nearly 200 countries and territories around the world. Notably, Vietnam has 33 export markets with a turnover of over USD 1 billion and 6 export markets with a turnover of over USD 10 billion. Although export turnover in 2023 will decrease compared to the previous year, the economy still maintains a trade surplus for the 8th consecutive year. According to experts, this result is thanks to the efforts of the business community, especially following the Government's instructions on diversity and finding new export markets.

Mr. Truong Van Cam, Vice President and General Secretary of the Vietnam Textile and Apparel Association, said that from textile enterprises exporting to about 80 markets around the world, they have now exported to more than 104 markets. The textile industry's target by 2030 is to grow about 6.8-7.2% per year and the target by 2030 is to reach an export turnover of USD 68-70 billion.

Many businesses in the agricultural and seafood processing industries have also developed new markets such as the Middle East, Africa... to maintain export growth. This has many advantages because Vietnam has already had Free Trade Agreements (FTAs) with new potential markets.

According to the Ministry of Industry and Trade, to date, Vietnam has successfully signed 16 FTAs with more than 60 partners, of which most are large economies, covering all continents, accounting for nearly 90% of global GDP, creating conditions to promote exports and improve trade balance. In 2023, our country concluded negotiations with Israel and signed a minutes of conditional negotiations with the Arab Emirates (UAE), opening the door to the Middle East market with a GDP of about USD 2,000 billion.

Signed FTAs help open doors for exported goods. For example, in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the rate of using CPTPP certificates of origin (C/O CPTPP) for most of Vietnam's key export products continues Positive growth and significant increase compared to previous years. Of which, rice increased by more than 2,503%; cassava and cassava products increased by nearly 3,649%; Other machinery, equipment, tools and spare parts increased by more than 134%...

Therefore, in 2024, to promote growth and maintain macroeconomic stability, the Government has clearly stated the task of strengthening traditional markets while promoting negotiations and signing FTAs with the UAE. , Latin America, continuing to expand exports to the African region, Halal market...

Meet the "rules of the game"

Trade promotion is one of the important activities to promote export growth. Textile and garment enterprises share that they will diversify the supply of raw materials and accessories as well as expanding export markets by improving marketing capacity and finding customers. Similarly, representatives of some supporting industry enterprises in Hanoi said they will be more bold in investing in infrastructure to take advantage of domestic production and business opportunities before the wave of investment shifts; meeting export requirements to new markets such as Eastern Europe, Southeast Asia...

According to Mr. Dang Phuc Nguyen, Chairman of the Vietnam Fruit and Vegetable Association, Vietnam's vegetable and fruit exports in 2024 will prosper thanks to key products such as durian, dragon fruit, bananas, jackfruit, mango... Turnover could even set a new record, reaching at least USD 6 billion, with the expectation that it could reach USD 6.5 billion. In particular, Vietnamese vegetable and fruit businesses also have more expectations when the Protocols on exporting bananas, durians, and watermelons to China... have been signed. In addition, infrastructure solutions such as connecting railways and roads, along with simplifying administrative procedures and customs clearance procedures, will create opportunities for agricultural products to grow and expand their markets.

But according to experts, market expansion is facing many new "rules of the game", especially requirements for sustainable development, environmental protection, ensuring green factors... Many economies around the world, stricter environmental regulations have been set for imported goods. For example, the application of the EPR (extended producer responsibility) mechanism, CBAM (carbon border adjustment mechanism)...

Economic expert, PhD. Can Van Luc said that the rapid trend of greening and circular business is a big challenge for businesses. Therefore, businesses need to diversify capital sources, markets, partners, and supply sources. According to Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration (Vietnam Confederation of Commerce and Industry - VCCI), implementing green transformation will directly impact the process of implementing sustainable development in Vietnam, helping businesses move closer to export standards and meet diverse markets.

By Huong Diu/Bui Diep

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