Vietnam is expected to establish a trading exchange for raw materials and accessories for the fashion industry in 2025.
Identifying the fight against illegal, unreported, and unregulated (IUU) fishing as a priority, to remove the European Commission’s (EC) ‘yellow card’ warning against Vietnamese seafood, the coastal provinces in the southern part of the Red River Delta, namely Thai Binh, Nam Dinh and Ninh Binh, are working hard to prevent illegal fishing.
Amidst the strong wave of shifting production investments and diversifying global supply chains by multinational companies, experts view this as a significant opportunity for Vietnamese suppliers and supporting industries.
It is extremely necessary to grasp and understand the new EU regulations such as CBAM and EUDR. Thereby, businesses have plans, measures and roadmaps to adjust export production activities, maintain and develop export markets.
The United States is the country that investigates and applies the most trade defense measures to Vietnamese export goods. Vietnamese export businesses when being investigated by the US for applying trade defense measures need to pay attention to choosing the country and replacement value.
The Vietnam - EU Free Trade Agreement (EVFTA) has been in effect for four years (August 1, 2020). However, the level of benefits received from this new generation FTA is divided and different among businesses.
Failure to grasp and comply with the technical requirements of the importing country will create difficulties for businesses on the export path.
Exports to the US continue to grow and are expected to reach over US $100 billion in 2024. However, in addition to the growth in trade turnover between the two countries, the US currently has many barriers for Vietnamese export enterprises, typically trade defense measures.
Vietnam has the potential to develop a semiconductor industry in two phases – ATP (assembly, test and packaging) and design, according to Kim Chang Wook of Boston Consulting Group (BCG) in Seoul.
Businesses, farmers, and management authorities need to develop rational strategies in response to market changes to create breakthroughs and achieve the set export revenue target of US$4-4.3 billion for the year, experts have said.
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