Mercosur countries, comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela, could be a potentially lucrative market for Vietnamese exports such as textile and garment, footwear, handicrafts, and processed foods amid the disruption of many traditional supply chains due to the Covid-19 pandemic, an online conference between Việt Nam and the South American bloc heard on October 1.
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While many people believe that sugarcane farmers will face difficulties after Vietnam implements the ASEAN Trade In Goods Agreement (ATIGA), there are also some who say it could offer bright prospects for Vietnamese sugarcane to maximise its economic value if there is coordination between the State, scientists, entrepreneurs and especially farmers.
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Mercosur, the South American trade bloc, is considered a potential market for Vietnamese products such as garments, footwear, handicrafts, and processed foods, despite the novel coronavirus (COVID-19) epidemic causing disruption to traditional supply chains.
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Amid challenging developments relating to the novel coronavirus (COVID-19) pandemic which has vastly disrupted international trade, Vietnamese exports have maintained positive growth, with the trade surplus reaching approximately US$17 billion, whilst the trade deficit stands at US$8.16 billion, according to the General Statistics Office.
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A total of 81% of businesses operating in the manufacturing and processing industries believe that production will continue to recover and prosper in the fourth quarter of the year, according to a survey recently conducted by the General Statistics Office (GSO).
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With its outstanding achievements over the past three decades, Việt Nam is a development success story and continues to perform well even amid the pandemic on a range of indicators, including trade, growth and human capital, Victoria Kwakwa, Vice President for East Asia and the Pacific at the World Bank, has said.
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Import and export turnover of domestic enterprises increased significantly, compensating for the decline of FDI enterprises and helping Vietnam maintain the stability of foreign trade amid the Covid-19 pandemic.
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The Eurasian Economic Union (EAEU) may enforce a trigger safeguard measure on 12 items from the Vietnamese textile and garment sector in the event that the year’s import volumes exceed the trigger level.
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Free trade agreements (FTA) play an important part in boosting trade and commerce and help the Việt Nam's goods and services find new markets, said minister of industry and trade Trần Tuấn Anh in a report yesterday to an inspection committee organised by the National Assembly to overlook the implementation of FTAs that the country has signed.
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Vietnam is likely to be the second best performer of economic recovery in Asia-Pacific, said a report recently released by S&P Global Ratings which revised up GDP growths of regional countries this year in the light of reviving trade and consumption.
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