Vietnamese goods enjoy many advantages in the UK market, but Mr. Nguyen Canh Cuong, Commercial Counselor, Vietnam Trade Office in the UK said that this competitive advantage does not last forever. In the future, the UK might have many other FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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According to Dr Tran Toan Thang, Head of the Economic and Business Forecasting Department, National Center for Socio-Economic Information and Forecasting, the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Free Trade Agreement (EVFTA), the Investment Protection Regulation (EVIPA) will bring Vietnam many opportunities and challenges in attracting FDI from the EU, to improve the quality of this capital flow, Vietnam needs to improve the investment environment.
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Besides quality issues, factors related to price, and market understanding, partners also play an equally important role for enterprises to be effective when negotiating with international distributors.
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China is the largest trading partner among more than 200 countries and territories with which Vietnam has foreign trade relations.
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In the last months of 2022 and the whole of 2023, Vietnam's pepper exports are forecast to still face many difficulties when inflation in many major export markets increases. Diversifying export markets is considered one of the positive solutions to reduce pressure for the whole industry.
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Logistics activities combined with digital transformation are extremely important, which is a modern way to connect manufacturers, carriers and consumers, creating breakthrough opportunities for Vietnamese logistics enterprises in the new phase.
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Due to certain difficulties in exporting to the Chinese market, this year's fruit and vegetable export are expected to reach only about US$3.2 billion, significantly lower than the target of about US$3.8-4 billion set out from the beginning of the year. In order to increase added value, Vietnam's fruit and vegetable industry need to focus on deepening processing as well as diversifying markets.
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In recent years, the manufacturing and processing industry in Vietnam accounted for a high proportion, nearly 40% of the total net sales of production and business of the economy, but only contributed about 14% of GDP. This causes businesses a "headache" to solve the problem of self-control of raw materials.
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After nearly four years of implementation, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has become an important driving force for the export of goods to CPTPP member countries with impressive results.
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According to experts, the State Bank's decision to adjust the spot exchange rate band between USD and VND from ±3% to ±5% is consistent with the goal of stabilizing the foreign exchange market and controlling inflation.
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