Export is one of Vietnam's important growth drivers, but this pillar is facing difficulties due to a decline in orders for many export industries. Supporting businesses in restoring production and strengthening the export capacity of localities, especially key areas, solutions are needed, while maximizing the capacity to overcome challenges. Economic expert, Associate Professor, Dr. Dinh Trong Thinh had a discussion with Customs Magazine about this issue.
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For many consecutive years, the United States has been the most important trading partner and largest export market of Vietnam with a proportion of nearly 30% of Vietnam's total export turnover. In 2022, Vietnam has become the 8th largest trading partner of the United States.
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It is expected that in October 2023, the European Commission (EC) Inspection Team will conduct the fourth assessment on the implementation of strong measures against illegal, unreported fishing and not according to Vietnam's (IUU) regulations. This is a golden opportunity for Vietnam to remove the "yellow card" warning for exploited seafood.
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The European Green Deal will significantly impact some areas of Vietnam's exports to the EU, and businesses need to be aware of these changes to take advantage of new opportunities.
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VFA recommends specific solutions for policy mechanisms, financial credit, and production activities. At the same time, adding a rice export floor price mechanism is suggested to ensure farmers' efficiency.
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"Going green" has become an essential requirement and a new rule of the game in both domestic and international markets. The "green passport" has helped businesses overcome barriers and has been an advantage for them to expand their market share.
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There remains ample room for Vietnamese and Japanese enterprises to foster cooperation in supporting industries that are increasingly developing and playing an important role in Vietnam's participation in the global supply chain as well as the global value chain, insiders have said.
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Green consumption and environmentally friendly products are trending in many countries. Since then, many regulations and standards from export markets have been applied and strengthened, making it difficult for Vietnamese goods to penetrate and maintain trade turnover. Mr. Tran Ngoc Quan, Vietnam Trade Counsellor in Belgium and the EU, said that Vietnamese enterprises need to be prepared to access and maintain the market in the European Union.
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Experts from the National Economics University say that Vietnam mainly depends on a few large export markets, so when these countries fall into a crisis period, export activities will be interrupted.
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By August 20, 2023, the total of newly registered capital, adjusted and contributed capital to buy shares, and purchase capital contributions (GVMCP) of foreign investors (foreign investors) reached nearly US $ 18.15 billion, an increase of nearly US $ 18.15 billion, 8.2% over the same period, up 3.7% over the first seven months of the year. In addition to the reduced adjusted investment capital, the new investment capital and GVMCP continued to increase over the same period.
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