Next year Việt Nam needs to confidently enter a new era, and the industry and trade sector must be pioneers to realise those goals, said Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn.
Experts believe that Vietnamese enterprises need to develop green products for export to the UK, contributing to increasing exports to this market.
Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Vietnamese export businesses need to prepare for the United Kingdom (UK)’s carbon border adjustment mechanism (CBAM), which will take effect from 2027.
Việt Nam now ranks third among countries, with the largest trade surplus with the US, after only China and Mexico. Strong export growth to the US is recorded through items such as wooden furniture, machinery, optical equipment, medical measurement, office machines, printers, hand tools and hydraulic pneumatics, footwear, rubber and rubber products besides plastics and plastic products, iron and steel.
With 2024 nearing its end, Việt Nam's GDP growth is set to surpass the 7 per cent target, driven by efforts from ministries and sectors, says Deputy Minister of Planning and Investment Trần Quốc Phương.
Vietnam’s economy is accelerating towards achieving the growth targets set for 2024. Management solutions consistently focus on maintaining growth momentum, promoting growth while maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances.
Deputy Minister of Natural Resources and Environment Lê Công Thành stated that Việt Nam needs a comprehensive strategy, interdisciplinary and inter-regional coordination, and a spirit of innovation in production activities, green economic development and environmentally friendly practices from businesses, households and individuals.
Vietnam’s garment and textile industry needs to develop a closed-loop supply chain with a focus on obtaining self-sufficiency in raw materials in order to meet the rules of origin under the UK – Vietnam Free Trade Agreement (UKVFTA) for expanding exports to this market.
Digital transformation aimed at reducing emissions and fostering sustainable development has become an intrinsic need for businesses. This shift stems from recognizing the tangible benefits demonstrated by pioneering enterprises that have successfully implemented and achieved these initiatives.
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