Trade revenue set to eclipse 700 billion USD this year
- 205
- Business
- 10:09 28/05/2022
DNHN - Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts.
Vietnam’s signatory FTAs, especially recent agreements will promote trade breakthroughs and generate major trade surplus for 2022 and build momentum for 2022-23 in the process.
Despite Vietnam’s challenges, exports recovered well in the first four months of 2022 to hit 122.4 billion USD, a year-on-year surge of 16.4 percent.
The increase was attributed to business resilience and flexibility taking advantage of FTA parameters, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), European Union-Vietnam Free Trade Agreement (EVFTA) and the Regional Cooperation Economic Partnership (RCEP) which took effect at the start of 2022.
Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), said new generation FTAs enhanced trade in Vietnam’s wood processing sector, pushing exports when compared to rival countries that are outside of the agreements.
A survey by the Centre for Industrial Studies (CSIL) of Italy forecast the global wood products market will record growth of 4 percent in 2022.
Meanwhile, Nguyen Ha, a tuna market expert of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that Vietnam earned more than 259 million USD from tuna exports in the first quarter of 2022. The growth meets a five-year high, surging 72 percent from the same period last year. This equates to a 1.6-fold increase over the same period in 2019 before COVID-19 broke out.
Of note, the EVFTA contributed to bringing tuna exports to European nations to the tune of nearly 38 million USD, up 33 percent year on year.
At present, intra-country logistics posed a challenge for Vietnamese businesses, causing some businesses to miss opportunity within the FTAs.
Vietnam needs to fine-tune policies and regulations on logistics services and build fleets of major vessels and modern infrastructure to meet import-export requirements.
Tran Thanh Hai, Deputy Director of the Agency for Foreign Trade at the Ministry of Industry and Trade, confirmed that firms must study how the trade deals benefit them to adjust procedures and material supply. This will allow them to meet certificate of origin criteria and benefit from preferential tariffs under the FTAs.
Enterprises have received guidance from experts and the government on tariff and non-tariff restrictions so as to better navigate these difficult waters.
VNA
Related news
- QuickPack Group (Germany) invests Eur30 million in Dong Tam Group'S Southeast ASIA Long An Industrial Park in Long An (Vietnam)
- "The Vietnam-Korea Investment Cooperation Forum 2024 is a testament to the spirit of innovation and sustainable collaboration."
- KBIZ's 60-year journey in building a solid foundation for South Korea's small and medium enterprise community
- Gold peaks, stocks languish: Experts identify opportunities for investors
- What categories are included in the additional audit subjects?
- General Secretary Tô Lâm sounded the alarm on preventing and combating waste
- The potential of the blockchain and cryptocurrency
- Electricity price hike and the long-term energy dilemma
- Institutional obstacles "tie up" enterprises and challenge economic growth
- Vietnam stands poised to seize opportunities in the semiconductor industry
- Southeast enterprises integrate renewable energy into production
- ‘'Bầu Đức'’ and the banana revolution at Hoang Anh Gia Lai
- Foxconn expands investment with additional $80 million for chip production in Bắc Giang
- The National Assembly supports strong decentralization in public investment
- Dr. Nguyễn Văn Thân, Chairman of Vinasme: The 15-17% preferential tax rate fails to truly support small and micro enterprises
- Real estate capital faces risks from credit to bonds
- Vietnam emerges as a new hub in the global semiconductor industry
- Foreign investment: A key driver of Vietnam's economic growth
- Draft resolution on commercial housing: A new opportunity for the real estate market
- VINASME Championship SHB Cup 2024 Golf Tournament: Business leaders shine with elite swings
#trade surplus
Which opportunities arise for Vietnamese SMEs when China cannot maintain a trade surplus?
Dr. Tran Dinh Thien highlights that China’s macroeconomy is currently grappling with substantial challenges, particularly in maintaining its export momentum.
Vietnam's agriculture sector and the goal of achieving $54 billion in agricultural exports
The Vietnamese agriculture sector has made significant progress in recent years, and currently, the goal is to boost agricultural exports to reach $54 billion.
Đọc thêm Business
QuickPack Group (Germany) invests Eur30 million in Dong Tam Group'S Southeast ASIA Long An Industrial Park in Long An (Vietnam)
On November 18, 2024, in Cologne, Germany, Dong Tam Group (Vietnam) officially signed a Memorandum of Understanding (MOU) for an investment cooperation with QuickPack Group (Germany).
Gold peaks, stocks languish: Experts identify opportunities for investors
Gold prices have peaked due to political and monetary factors, but face the risk of adjustment. Stocks remain difficult to recover due to weak liquidity and ongoing foreign net sales.
General Secretary Tô Lâm sounded the alarm on preventing and combating waste
General Secretary Tô Lâm has addressed visible waste and identified invisible forms of waste, delivering a powerful message with profound awakening implications...
Electricity price hike and the long-term energy dilemma
With EVN's third price hike since 2023, rising electricity costs burden households and industries. Experts warn that sustained losses threaten future power projects, urging reforms to boost investment and ensure energy security.
Vietnam stands poised to seize opportunities in the semiconductor industry
In the context of a rapidly evolving global economy driven by digitalization, the semiconductor industry has emerged as a key strategic pillar.
Pilot project for commercial housing to expand land use rights
The National Assembly Standing Committee has submitted a pilot project on commercial housing through land use rights agreements for National Assembly consideration, aiming to unlock resources.
The National Assembly supports strong decentralization in public investment
The National Assembly has approved a policy of decentralization in public investment management, demonstrating a commitment to economic development and creating opportunities for local governments to mobilize resources.
Assoc. Prof. Dr. Tran Kim Chung: The 1987 Land Law laid the foundation for the real estate market
Assoc. Prof. Dr. Tran Kim Chung, former Deputy Director of the Central Institute for Economic Management, states that the 1987 Land Law laid the groundwork for the development of the real estate market.
Bank interest rates on 31st October: Major players compete fiercely
Bank interest rates have been highly volatile, with one bank making its second rate adjustment in the month as of October 31, 2024, underscoring the competitive landscape.
Amendment of the PPP Law: A new direction to unlock investment resources
To address obstacles in investment through the PPP model, the Ministry of Planning and Investment has submitted a proposal to amend the PPP Law, creating a more favorable legal framework for investors.