This is a critical time to intensify efforts against origin fraud and illegal transshipment, as some foreign exporters have taken advantage of Việt Nam as a transshipment point to reroute goods and avoid trade remedies in third countries.
The seminar titled ‘US Countervailing Tariffs and Việt Nam’s Corporate Response’, organised by the Việt Nam Chamber of Commerce and Industry (VCCI) on the morning of April 18, attracted significant attention and participation from economic experts and the business community.
According to analysts of the VCB Securities Company, the outstanding export loans to the enterprises only account for five per cent of the total outstanding loans of the whole banking system,
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.