As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
It is estimated that seafood exports to the US will reach $1.85 billion in 2024, representing a 19% increase compared to 2023.
After a period of downturn, many of Vietnam's main export products, such as textiles and footwear, have shown strong recovery, achieving double-digit growth rates.
The scale of Vietnamese supporting industry enterprises is mainly small and micro, so most of them have low technology and management levels and limited human resources.
Vietnamese consumers showed the highest level of optimism regarding their country’s economic outlook compared with their regional peers, according to a recent study by Singapore’s United Overseas Bank (UOB).
In the first ten months of 2024, total import-export turnover reached $647.87 billion, a year-on-year increase of 15.8 per cent, with exports rising by 14.9 per cent and imports by 16.8 per cent.
The industrial sector's share of GDP could be over 40 per cent, with the manufacturing and processing industry alone accounting for around 30 per cent of GDP.
Vietnamese businesses need to step up the building of close relationships with partners and associations in the US.
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