Recognising the Americas as a high-potential export market, Deputy Minister of Industry and Trade Do Thang Hai said businesses need to focus on and promote exports of existing advantageous products to this market and seek other advantageous products to export this market, gradually conquering this market.
The Covid-19 pandemic has caused the production and business activities of many enterprises to stagnate, and losses are unavoidable. In that context, many enterprises have made changes and efforts to overcome difficulties, turned challenges into opportunities to consolidate internal efforts, ready for the upcoming acceleration phase.
In the face of the Covid-19 pandemic, many foreign partners have sought the cooperation of Vietnamese enterprises for mutual development.
“We believe that when the pandemic is controlled from now to the end of the year, the opportunities to export to the European market are huge, which means we will continue to keep an export surplus. This will significantly contribute to supporting economic growth in 2020 in the context that the Government defines exports, investment and consumption as the three main growth engines of the economy in 2020,” said by Mr. Nguyen Trung Tien (photo), Deputy Director of General Statistics Office.
Vietnamese logistics firms, especially small and medium-sized ones, need to get up to speed on digital transformation to enhance their competitiveness if they want to penetrate global markets after the pandemic ends, experts have said.
Many export products of Vietnam have seen positive changes in the EU market after two months of the Vietnam-EU Free Trade Agreement (EVFTA), typically leather and footwear, seafood and rice.
After nearly two months of the EVFTA, seafood exports strongly increased but there were some problems for seafood enterprises.
The trade cooperation program between Ho Chi Minh City and other provinces has affirmed the right direction since 2011 thanks to the establishment of many commodity supply chains, promoting elements of the production chain to be cleaner, better, and more valuable.
The EU-Vietnam Free Trade Agreement (EVFTA) officially entered into force in August. From day one, the EVFTA has started to phase out almost 99 per cent of tariff lines and barriers to trade between Vietnam and the EU. This should result in €15 billion ($17.5 billion) a year in additional exports from Vietnam to the EU by 2035, while EU exports to Vietnam would expand by €8.3 billion ($9.68 billion) annually.
Vietnam climbed to the second spot behind China to become the second-biggest supplier to the US as per 2020 Global Imports Report by Jungle Scout, a leading data analyzing and consulting platform on Amazon.
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