Vietnam has capitalised on the free trade agreements (FTAs) it has signed to bolster exports amidst weakening demand, high input costs, and inflation pressure across the globe, Minister of Industry and Trade Nguyen Hong Dien said on November 7.
Answering deputies’ questions at the National Assembly's ongoing 6th meeting on measures to enhance export, Dien highlighted that Vietnam is among the 20 countries in the world with the largest international trade in goods, with annual growth rate from 12.5%, in recent three years, while the country has posted trade surplus for months with the figure in October recorded at 2.6 billion USD.
Minister of Industry and Trade Nguyen Hong Dien speaks at the National Assembly's Q&A session on November 7.
Amidst global headwinds, the country has cashed in on FTAs which helps bring its products to 60 countries and territories worldwide, he said, adding negotiations on FTAs with the European Free Trade Association which comprises Switzerland, Norway, Ireland and Liechtenstein, the Southern Common Market (Mecosur), the United Arab Emirates (UAE) and Canada are underway.
The ministry has paid due attention to studying the feasibility to negotiate and sign trade deals and incentives with countries that have economic complementary advantages, and those that hold strengths in science and technology.
On the other hands, the ministry has effectively implemented the international commitments under the FTAs to which Vietnam is a signatory to ensure sustainable development, with focus on the implementation of action plans to carry out new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK – Vietnam Free Trade Agreement (UKFTA).
Enhancing international economic relations has been prioritised, he said, describing it as a lever to develop domestic trade and economy.
Through Vietnamese trade offices in foreign countries, the ministry has kept a close watch on the global economic situation and policy updates so as to help enterprises make rational adjustments to their production plans.
He also stressed that trade activities have been backed by administrative reform, sound logistics services, and e-commerce development.
In the coming time, the ministry will continue promoting digital transformation in its trade promotion programmes, developing national-branded products, engaging Vietnamese firms in foreign supply chains, giving early warnings to products at risk of trade remedies, and popularising commitments under the signed FTAs, he added.