Containers at Saigon Newport Corporation in HCM City. — VNA/VNS Photo Thế Anh

HÀ NỘI — Vietnamese enterprises should seize opportunities to boost exports, according to the Việt Nam Institute of Strategy and Policy for Industry and Trade (VIOIT) under the Ministry of Industry and Trade (MoIT).

The VIOIT recently released a report on global and domestic socio-economic developments and their impact on Việt Nam’s industrial and trade sectors in June this year.

According to the report, Việt Nam faces both opportunities and challenges in industrial and trade development amid global volatility.

Director of the MoIT’s Agency for Foreign Trade (AFT) Nguyễn Anh Sơn said that amid a complex and volatile global economic landscape, the ministry will implement synchronised measures, including market expansion through research, negotiation and the signing of cooperation agreements with new markets, especially the US, on the basis of fairness and reciprocity.

The ministry also plans to effectively leverage strategic markets and existing free trade agreements (FTAs), closely monitor global developments, provide timely policy advice and offer early risk warnings to enterprises and industries, he said.

Exporting enterprises should capitalise on Việt Nam’s 17 FTAs covering over 60 countries and territories, along with 70 bilateral cooperation frameworks, noted Director of MoIT’s Department of Foreign Market Development Tạ Hoàng Linh.

The Đại Đoàn Kết (Great Unity) online newspaper quoted Linh as saying that the ministry would continue efforts to open up export paths to new and underutilised markets.

The ministry is promoting FTA negotiations with countries in Latin America, South Asia, Eastern Europe and the Middle East, he added.

Most recently, during the Brazilian President’s visit to Việt Nam, both sides took the opportunity to push for an FTA with the Southern Common Market (Mercosur) through Brazil, a highly respected member of the bloc.

A joint working group between Việt Nam and Brazil has been established to seek ways to enhance bilateral trade relations and promote the FTA.

In the near future, the MoIT will also promote FTAs with countries in the Gulf Cooperation Council, as well as Pakistan, India, Egypt and others.

Việt Nam’s export performance had been highly positive in the first half of this year, said the AFT director.

Total export turnover is estimated to have reached US$219.8 billion, up 14.4 per cent year-on-year, surpassing the set target.

Enterprises have made good use of FTAs, with exports to the EU up 12 per cent and to Japan and South Korea up more than 10.6 per cent each. Exports to the US have grown by 27.4 per cent.

Potential markets such as Africa also saw strong growth, up 36.5 per cent, with countries like Algeria, Côte d’Ivoire, Ghana and Senegal seeing increases ranging from 116 per cent to 200 per cent. — VNS