Being cautious and proactive at this time will help Việt Nam protect its exports to the EU and preserve the international reputation of Vietnamese goods amid an increasingly volatile global trade landscape.
Over the longer term, Việt Nam must consider diversifying export markets, especially those with free trade agreements already in place. Markets in East Asia and the European Union offer viable alternatives based on demand and trade volume.
Phạm Thị Ngọc Thủy, Director of the Office of the Research and Development Department of the Private Economy described the diversification of export markets as a matter of survival for businesses in the current context.
According to the International Trade Centre (ITC), the leading plywood export markets included China ($5.89 billion) Indonesia ($2.51 billion) Russia ($1.9 billion) Brazil ($1.2 billion) and Viet Nam ($1.1 billion).
Vietnamese businesses are expected to face headwinds from inflation, tightening monetary policy and a growing cost-of-living crisis in many of the country’s export markets, experts have warned.
Digital transformation will play a key role in assisting businesses, especially small- and medium-sized enterprises (SMEs), revive and expand export markets post-COVID, experts said.
Viet Nam is at risk of losing out on major pepper export markets due to increasing logistics costs, according to the Viet Nam Pepper Association (VPA).
The Ministry of Agriculture and Rural Development reported the volume of rice exported reached 450,000 tonnes with a value of US$246 million last month.
Malaysia could become one of the biggest export markets in ASEAN for Viet Nam, especially in the post-pandemic period, a city official said at a meeting in HCM City on July 16.
With Viet Nam’s main agro-forestry and fisheries export markets after China such as the US and Europe being hit by the new coronavirus (Covid-19) pandemic, Vietnamese exporters are suffering.
Prime Minister Nguyen Xuan Phuc has asked the Ministry of Industry and Trade to diversify the country''s export markets to reach an export revenue of US$300 billion in 2020.
To boost the export of rice as per the direction of the Prime Minister, the Ministry of Industry and Trade (MoIT) has many solutions to help businesses find export markets.Tran Thanh Hai, Deputy Director of MoIT’s Import and Export Department,...
Minister of Industry and Trade Tran Tuan Anh told Vietnam News Agency about this issue as well outlining solutions to ensure the best interests for the local businesses in dealing with trade remedies on export markets or using those tools...