Vietnam Focuses on Free Trade Agreements to Expand Markets

During the first five months of the year, exports brought in $156.5 billion to the country, marking a 15% year-on-year increase. The number of newly established companies and those resuming their activities has increased by 10.6% compared to the same period last year.

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Litchi harvest for export in the village of Thuy Lam, Thanh Son commune, Thanh Ha district, Hai Duong province. However, production and trade still face various difficulties. Therefore, the government and relevant services are seeking to implement policies aimed at eliminating these obstacles for businesses, particularly by helping them leverage free trade agreements to expand their markets.

According to the Vice Minister of Planning and Investment, Tran Quoc Phuong, in the last five months, the number of newly established and reintegrated companies in the market has exceeded those leaving the market, but this difference is not significant (98,800 newly established and reintegrated companies compared to 97,300 companies exiting the market). This shows that the production and business situation of companies in the current context continue to face many difficulties.

“The Prime Minister has proposed specific solutions. Firstly, continue to remove obstacles for businesses, especially administrative procedures, to facilitate their entry into the market and their activities. Secondly, support businesses through budgetary and monetary policies such as maintaining stable interest rates, access to credit, tax reduction, and extension of tax payment deadlines…”, he said.

In the last five months, export turnover has recorded double-digit growth, maintaining Vietnam’s trade surplus. This success stems from companies leveraging the benefits offered by free trade agreements.

The Ministry of Industry and Trade has emphasized diversifying communication methods on the benefits of free trade agreements for businesses. It has organized seminars on how to maximize the opportunities offered by market openings, aiming to boost exports and increase the efficiency of Vietnamese product exports to markets that have signed these agreements.

“We must capitalize on existing free trade agreements for traditional markets while seeking new opportunities and diversifying our export markets,” said the Vice Minister of Industry and Trade, Nguyen Sinh Nhat Tan.

Furthermore, the Ministry of Industry and Trade is committed to collaborating with associations and major exporting companies to develop solutions to attract more orders and promote production, in the face of unpredictable developments in the world and the region.