The export turnover of goods to countries that have signed free trade agreements (FTA) with the nation has seen strong growth in recent months.
The export turnover of goods to countries that have signed free trade agreements (FTA) with Vietnam has seen strong growth in recent time (Photo: Cong Thuong newspaper)
Topping the list were exports to Japan, the Republic of Korea, and the ASEAN market which have enjoyed rises of 9.3 per cent, 4.4 per cent, and 5.4 per cent to US$11.4 billion, US$10.4 billion, and US$15.1 billion, respectively.
In addition, exports to new markets under the Comprehensive and Progressive Partnership Agreement (CPTPP) have experienced positive growth with exports to both Canada and Mexico increasing 1 per cent and 24.2 per cent to US$2.18 billion and US$1.6 billion, respectively.
Pham Tat Thang, former director of the MoIT’s Centre for Industry and Trade Information, attributed the increase in export turnover and economic growth during the reviewed period to the signing several FTAs and attraction of additional foreign direct investment to the country.
Of the FTAs signed, the CPTPP and the Vietnam-EU Free Trade Agreement are considered to be most significant agreements, which have allowed domestic goods to penetrate deeper into a number of demanding markets.
The CPTPP is regarded as a new-generation and high-quality trade deal which has allowed countries to take full advantage of the agreement to boost exports. To make the most of the CPTPP deal, Vietnam has focused on key products such as textiles, footwear, telephones, in addition to aquatic and seafood products.
Thang expressed his belief that during the remaining months of the year, the import and export of goods will continue to enjoy bright prospects, particularly with FTAs being fully tapped.
In particular, if the EU removes the yellow card for Vietnamese seafood, seafood and other commodity exports to the trading bloc will prosper in the coming time. He also
raised concerns regarding the decrease in export turnover of a number of traditional products such as rice, coal, and oil, which all require domestic businesses to make great strides in their export activities in the future.