Vietnam cashes in on FTAs to boost exports: Minister
Wednesday, November 8,2023![](/weblocalfiles/cuc/thang11nam2023/811202384010trade_and_investment.jpg)
AsemconnectVietnam - Vietnam has capitalised on the free trade agreements (FTAs) it has signed to bolster exports amidst weakening demand, high input costs, and inflation pressure across the globe, Minister of Industry and Trade Nguyen Hong Dien said on November 7.
Answering deputies’ questions at the National Assembly's ongoing 6th meeting on measures to enhance export, Dien highlighted that Vietnam is among the 20 countries in the world with the largest international trade in goods, with annual growth rate from 12.5%, in recent three years, while the country has posted trade surplus for months with the figure in October recorded at 2.6 billion USD.
Amidst global headwinds, the country has cashed in on FTAs which helps bring its products to 60 countries and territories worldwide, he said, adding negotiations on FTAs with the European Free Trade Association which comprises Switzerland, Norway, Ireland and Liechtenstein, the Southern Common Market (Mecosur), the United Arab Emirates (UAE) and Canada are underway.
The ministry has paid due attention to studying the feasibility to negotiate and sign trade deals and incentives with countries that have economic complementary advantages, and those that hold strengths in science and technology.
On the other hands, the ministry has effectively implemented the international commitments under the FTAs to which Vietnam is a signatory to ensure sustainable development, with focus on the implementation of action plans to carry out new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK – Vietnam Free Trade Agreement (UKFTA).
Enhancing international economic relations has been prioritised, he said, describing it as a lever to develop domestic trade and economy.
Through Vietnamese trade offices in foreign countries, the ministry has kept a close watch on the global economic situation and policy updates so as to help enterprises make rational adjustments to their production plans.
He also stressed that trade activities have been backed by administrative reform, sound logistics services, and e-commerce development.
In the coming time, the ministry will continue promoting digital transformation in its trade promotion programmes, developing national-branded products, engaging Vietnamese firms in foreign supply chains, giving early warnings to products at risk of trade remedies, and popularising commitments under the signed FTAs, he added.
Source: Vietnamplus.vn
Foreign investors net sellers in October
Early warning system for trade remedies helps maintain exports' competitiveness
Agricultural, forestry, fishery product exports earned 43.08 billion USD in 10 months
Ministry works to ensure rice export
Export regains growth pace
Industrial production index up 0.5% in ten months
Ten-month public investment disbursement fulfills 52.1% of plan
Vietnam - China trade may reach 140 billion USD in 10 months
Vietnam promotes rice exports to China
Steel industry expected to recover in 2024
Vietnam aims to improve shrimp export competitiveness
Vietnam's farm produce, processed food introduced in India
Regulations benefit produce exporters to EU
7th Coffee Expo Vietnam 2023 kicks off in HCM City
![](/weblocalfiles/giang/thang4nam2023/542023101059camnhi_181620101619_quang_binh_5.jpg)
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
![](/weblocalfiles/huong/thang4nam2023/244202385832hung_king.jpg)
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...