What to do to develop sustainable exports and diversify markets?
Green seafood enterprises are the best choice for sustainable exports | |
Protecting domestic production to support sustainable exports | |
How to develop sustainable exports and diversify markets? |
Businesses need to exploit opportunities from FTAs to expand consumption markets. Photo: H.D |
Avoid depending on some major export markets
A report on recommendations of the National Economics University on restoring aggregate demand and boosting economic growth in the new context said that a decrease in aggregate demand indicates that the economy is at risk of recession, which affects the economy's overall growth. Therefore, recovering aggregate demand is essential for the economy in the last months of 2023.
As for the export sector, the report recommends sustainable export development along with market diversification towards a healthy and reasonable trade balance with partners.
Analyzing this issue, according to experts, Vietnam mainly depends on several large export markets. Therefore, when these countries fell into crisis, Vietnam's export activities faced major shocks and were interrupted.
Therefore, the National Economics University believes expanding trade with markets in signed Free Trade Agreements (FTAs) is necessary. Instead of focusing deeply on a few large markets, businesses need to exploit opportunities from FTAs to expand consumption markets to other member countries.
On the other hand, Vietnamese manufacturers are facing many challenges when their products do not meet the requirements of converting green and clean energy from the import market. Therefore, experts have emphasized the need to review and promulgate legal framework standards on green production for Vietnamese businesses.
Minimize risks due to trade defense investigations
Although FTAs aim to remove trade barriers, they still allow member countries to use several trade policy tools to protect domestic industries from imported goods.
Therefore, the National Economics University believes that trade defence will be a tool for countries to protect domestic goods and shape the market, leading to the risk of trade defence lawsuits against goods. Vietnam's exports are growing.
According to a report by the Department of Trade Remedies - Ministry of Industry and Trade, by the end of June 2023, Vietnamese exports faced 231 trade defence cases initiated by countries. Among them, the leading cases are anti-dumping investigations (128 cases), trade defence cases, anti-evasion of trade remedies and anti-subsidy.
To prevent and minimize risks due to trade defence investigations, a report by the National Economics University suggests that it is necessary to promote forecasting and early warning to businesses of goods at risk under investigation.
In addition to monitoring based on items that have a sudden increase in export volume or account for a high proportion of the export structure to markets, the investigation needs to actively monitor the trade flow of each item in the world to build a more accurate forecasting model.
In particular, it is necessary to implement solutions to prove that Vietnamese goods are not dumped. Businesses need to use raw materials from countries in the FTAs that Vietnam has signed. This is one of the necessary conditions to prove that raw materials are imported from preferential markets, along with relatively low labour costs, constituting a suitable export price without government subsidies.
Therefore, the Ministry of Industry and Trade needs to promote further exchange and sharing with businesses to help them understand the principles of investigation and see the importance of businesses. In addition, state agencies must be more critical in supporting businesses to complete proofs and establish a specific and public implementation process for businesses to understand better.
The report also recommends balancing the trade balance with partners, such as implementing more programs to help businesses of major partners access domestic enterprises. It is also necessary to have more preferential import tax rates, especially to reduce taxes on machinery and equipment from markets where Vietnam has a trade surplus.
Related News
Binh Duong Customs and Korean businesses solve difficulties and obstacles
15:03 | 28/04/2024 Customs
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
The supporting industrial enterprises transform for sustainable development
08:20 | 01/05/2024 Import-Export
Latest News
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
More News
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Solutions for maintaining Vietnam's position as a bright spot for foreign direct investment
15:36 | 02/05/2024 Import-Export
FDI disbursement in January-April period reaches five-year record
19:43 | 01/05/2024 Import-Export
Binh Duong aims to become logistics hub in southern region
19:41 | 01/05/2024 Import-Export
Digital transformation – optimal choice for Vietnamese garment & textile firms
19:39 | 01/05/2024 Import-Export
Infrastructure development creates momentum for exports to "neighboring" markets
19:36 | 01/05/2024 Import-Export
Seaports increase services to attract goods
19:35 | 01/05/2024 Import-Export
Foreign investment disbursement hits record high in the first four months
13:36 | 30/04/2024 Import-Export
Your care
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export