The Ministry of Industry and Trade forecasts that Vietnam exports will grow stronger in the second quarter thanks to business reforms and the implementation of free trade agreements
Vietnam earned US$45 billion from exports in the first quarter, up 15% from last year.
This encouraging result is attributed to a surge in the price of key export items including raw materials, crude oil, farm produce, seafood, and processed products.
Exports revenues from major markets like China, Japan, Russia and ASEAN also increased significantly.
“Businesses should apply advanced technologies and update their management methods. We have signed 17 free trade agreements and are negotiating several others,” said Tran Thanh Hai, Deputy Director of the Export-Import Department of the Ministry of Industry and Trade.
The Vietnam-Eurasia Economic Union Free Trade Agreement which took effect last October offers an opportunity for Vietnam’s exports to reach a market of 183 million people.
“We are trying to consolidate existing export markets while seeking new ones. Other important missions include reducing tariffs and remove non-tariff barriers to boost exports,” saidNguyen Khanh Ngoc, Deputy Director of the Europe Market Department.
Under the Vietnam-Eurasia Economic Union Free Trade Agreement, both sides will reduce or exempt tariffs on nearly 90% of items and open their markets for investment and services.
The Eurasia Economic Union, which consists of Russia, Armenia, Kyrgyzstan, Belarus, and Kazakhstan, is expected to be a lucrative market for Vietnamese apparel, seafood, agricultural products, and footwear.