Vietnamese businesses could join global supply chains with sound strategies: experts

A survey conducted by the association showed 63% of Japanese enterprises said they would continue investing in operation expansion in the next 1-2 years, reflecting that investors have great expectations for Vietnam's economic growth.

Vietnamese businesses could join global supply chains with sound strategies: experts hinh anh 1

Illustrative image. (Photo: VNA)

Imports and exports continue to be a bright spot for Vietnam despite facing numerous difficulties and Vietnamese enterprises can penetrate deeper into the global supply chains with good strategies, according to experts.

Tran Phu Lu, Deputy Director of the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC), said Vietnam's economy experienced impressive growth in 2022. In addition to a faster-than-expected recovery in the fields of manufacturing, services and domestic consumption, exports were a main driving force, he said.

The import-export turnover of goods in the first 10 months of 2022 reached 616 billion USD, up 14% over the same period in 2021. Of which, the export value was 312 billion USD, up 15.9 % year-on-year.

He cited Ho Chi Minh City as an example, attributing the city's growth rate of over 9% to the great contribution of import and export activities.

The total export turnover of goods by city enterprises through Ho Chi Minh City ports, including crude oil, in the 10 months of 2022 hit nearly 36 million USD, up 10.1% over the same period in 2021. Commodity groups that have enjoyed robust year-on-year growth are textile and garment, up 42.7%; machinery, tools and spare parts, 33.5%; and seafood products, 69.7%.

China remained the largest export market for Ho Chi Minh City enterprises with 10-month export turnover reaching 8.2 trillion USD, up 7.3% year-on-year. It was followed by the US and Japan, with 6.3 trillion USD and 2.4 trillion USD, respectively.

Mizushima Kozo, Chairman of the Japan Business Association in HCM City, said that compared to other Southeast Asian countries, Vietnam's economic recovery speed is extremely impressive.

A survey conducted by the association showed 63% of Japanese enterprises said they would continue investing in operation expansion in the next 1-2 years, reflecting that investors have great expectations for Vietnam's economic growth.

Vietnamese businesses could join global supply chains with sound strategies: experts hinh anh 2

Export enterprises can take advantage of tariff reductions under free trade agreements (FTAs) that Vietnam has signed, especially new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. (Photo: VNA)

According to Lu, difficulties facing the world economy and global trade are forecast to remain in early 2023 and Vietnam's export growth will depend on inflation situation as well as pandemic prevention and control measures in large export markets. However, he said, it also provides an opportunity for enterprises to overcome challenges and maintain the export growth.

Export enterprises can take advantage of tariff reductions under free trade agreements (FTAs) that Vietnam has signed, especially new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union-Vietnam Free Trade Agreement (EVFTA), he said.

As Vietnamese goods have affirmed their quality and prestige, and the structure of exports has also undergone a strong shift from exporting raw materials to processed products with high added value, enterprises should seize this opportunity to expand export markets and increase their export turnover, Lu said.

Talking about Vietnam's export potential, Alex Tatsis, Economic Section Chief at the US Consulate General in HCM City, said that Vietnam is the 10th largest trading partner of the US globally and an important link in the supply chain of essential goods to the US economy.

US supply chain links with Vietnam are not one-way, he said, saying that Vietnam imports computer chips, hardwoods, cotton, and animal feed from the US to use as raw materials for producing semiconductors, furniture, apparel and domestic seafood.

Two-way trade enables Vietnam to develop its domestic economy and exports to global markets. That is why the US has paid attention to investment to help Vietnam strengthen its role in the global supply chain in the long term, he said.

The US enhances trade facilitation and the competitiveness of the private sector in Vietnam, helping small and medium-sized enterprises to improve their production capacity, access financial resources, and embark on digital transformation, Tatsis said, adding that this enables them better participate in the global supply chain for the mutual benefits of the two countries./.
Source: VNS
en.vietnamplus.vn

Related News

Quang Ninh Customs: Many activities to develop Customs-Business partnership

Quang Ninh Customs: Many activities to develop Customs-Business partnership

VCN - Developing the Customs-Enterprises (DN) partnership continues to be identified by the Quang Ninh Customs Department as one of the key tasks to be implemented in 2024.
Enterprises accelerate production and business activities after Tet holiday

Enterprises accelerate production and business activities after Tet holiday

VCN - Following the Tet holiday in the year of the Wood Dragon 2024, numerous enterprises have resumed their production and business operations, swiftly ramping up with a plethora of orders from the very start of the year.
Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

VCN - The spirit of considering businesses as partners, always "side by side" with the business community through dialogue, troubleshooting, and timely support activities has widely immersed by the Department's leaders to each unit leader of the Bac Ninh Customs Department, thereby maintaining the leading position in turnover of "hundreds of billions of dollars".
Trade promotion focuses on market development

Trade promotion focuses on market development

VCN - In 2024, trade promotion activities will continue with the goal of expanding new export markets and exploiting FTAs; Digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Latest News

More efforts needed to maintain export growth to China: Insiders

More efforts needed to maintain export growth to China: Insiders

Exporters should further strengthen trade connections and improve the quality of their goods to sustain export growth to China as this is no longer a "lenient" market, said insiders.
It is expected that there are higher orders and revenue in the second quarter from European businesses

It is expected that there are higher orders and revenue in the second quarter from European businesses

VCN - The Business Confidence Index (BCI) according to a survey by the European Business Association in Vietnam (EuroCham) reached 52.8 in the first quarter of 2024 - the highest level since 2022, showing increasing confidence in Vietnam's European business community.
Vietnamese rice prices on the hike

Vietnamese rice prices on the hike

The prices of Vietnamese paddy and rice continued to increase last week, according to the the Vietnam Food Association (VFA).
FDI flow into garment and textile sector bounces back

FDI flow into garment and textile sector bounces back

The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.

More News

Investors play a key role in developing the industrial park system

Investors play a key role in developing the industrial park system

VCN - Dr. Phan Huu Thang, Chairman of the Executive Committee of the Vietnam Industrial Park Finance Association, former Director of the Foreign Investment Department (Ministry of Planning and Investment), said that basically, developing an industrial park successfully or not mainly depends on businesses, entrepreneurs - industrial park investors.
Find ways to a corporation for businesses in industrial parks

Find ways to a corporation for businesses in industrial parks

VCN - The country has nearly 300 industrial parks in operation, but with the requirement to join the global value chain, the issue of linkage and connection between businesses in industrial parks and industrial clusters needs to be concentrated on more.
Export turnover of two agricultural product groups grows three-digit

Export turnover of two agricultural product groups grows three-digit

VCN – In March, the export turnover of agricultural product groups grows three-digit compared with the previous month.
Early warnings reduce risks in trade defense

Early warnings reduce risks in trade defense

VCN - In the first months of 2024, export turnover of goods grew strongly, continuing the recovery momentum from the end of 2023. Along with that, the risk of trade defense investigations also escalated
Rubber exports are flourishing, promising potential

Rubber exports are flourishing, promising potential

VCN - Rubber exports reached 414.31 thousand tons in the first quarter of 2024, worth US$607.35 million, increasing 8.5% in volume and 14.3% in value compared to the same period in 2023.
Vietnam becomes biggest rice supplier for Singapore

Vietnam becomes biggest rice supplier for Singapore

Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
Vietnam an attractive destination for electronics, semiconductor investors: Official

Vietnam an attractive destination for electronics, semiconductor investors: Official

Vietnam has strong infrastructure and research and development incentives as well as a skilled workforce, making it an attractive for “eagles” worldwide in the electronics and semiconductor industry, according to Deputy Minister of Planning and Investment Tran Duy Dong.
Wood exports started well

Wood exports started well

VCN - After a year of missing the growth target, the year of 2024 exporting wood and wood products has had a good start, but there are still many potential risks.
Take advantage of e-commerce leverage for export

Take advantage of e-commerce leverage for export

VCN - Exporting via e-commerce is gradually becoming popular and becoming a trend that many businesses are interested in.
Read More

Your care

Latest Most read
More efforts needed to maintain export growth to China: Insiders

More efforts needed to maintain export growth to China: Insiders

Exporters should further strengthen trade connections and improve the quality of their goods to sustain export growth to China as this is no longer a "lenient" market, said insiders.
It is expected that there are higher orders and revenue in the second quarter from European businesses

It is expected that there are higher orders and revenue in the second quarter from European businesses

VCN - The Business Confidence Index (BCI) according to a survey by the European Business Association in Vietnam (EuroCham) reached 52.8 in the first quarter of 2024 - the highest level since 2022, showing increasing confidence in Vietnam's European busine
Vietnamese rice prices on the hike

Vietnamese rice prices on the hike

The prices of Vietnamese paddy and rice continued to increase last week, according to the the Vietnam Food Association (VFA).
FDI flow into garment and textile sector bounces back

FDI flow into garment and textile sector bounces back

The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.
Investors play a key role in developing the industrial park system

Investors play a key role in developing the industrial park system

VCN - Dr. Phan Huu Thang, Chairman of the Executive Committee of the Vietnam Industrial Park Finance Association, former Director of the Foreign Investment Department (Ministry of Planning and Investment), said that basically, developing an industrial par
Mobile Version