Vietnam’s Minister of Industry and Trade, Nguyễn Hồng Diên, spoke to the Vietnam News Agency (VNA) about the country’s economic performance in 2024, a year marked by challenges but also significant achievements. According to the Minister, Vietnam has been able to leverage Free Trade Agreements (FTAs), especially newer-generation deals, to create opportunities for economic growth.
The year 2024 has brought a mix of global and national challenges for Vietnam. The country faced severe weather impacts, including Typhoon No. 3 (Yagi) and Typhoon No. 4, which caused considerable damage to infrastructure, affecting sectors such as energy, industry, commerce, and production.
Minister Diên highlighted that global economic conditions have been difficult, with slow growth and high inflation exacerbated by the tightening of monetary policies in previous years. The rise of de-globalisation and protectionist policies in many countries has further complicated the international trade environment. These nations are focusing on local industries and implementing stricter regulations concerning consumer safety, sustainability, and climate change, impacting global supply chains.
Despite these challenges, Vietnam’s export sector has seen strong growth, driven by the recovery of key markets such as the United States, the European Union, and Asia. Minister Diên pointed out that Vietnam has benefited from its participation in FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which offer Vietnamese products competitive tariff rates.
In addition to expanding access to international markets, the country has also diversified its export markets and product categories. Minister Diên emphasized efforts to promote not only traditional exports like electronics, agricultural products, and textiles but also newer sectors. The government has been actively supporting small and medium-sized enterprises (SMEs) by simplifying trade processes, reducing logistical barriers, and fostering greater digital trade and e-commerce.
The Ministry of Industry and Trade has also been focused on assisting businesses in adapting to global sustainability standards. With many countries implementing stricter environmental regulations, such as the EU’s Green Deal and the Carbon Border Adjustment Mechanism (CBAM), Vietnam is taking steps to ensure its businesses align with these requirements. Measures include promoting energy efficiency, reducing greenhouse gas emissions, and transitioning to renewable energy.
Vietnam’s Ministry of Industry and Trade has been working closely with businesses to ensure that they meet international trade and sustainability standards while maintaining competitiveness in the global market. With these efforts, the country is on track to meet its growth targets in industrial production, energy, foreign trade, and retail sales by the end of the year.
Explore top supply chain news stories at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.
#VietnamTrade #FreeTradeAgreements #GreenDevelopment #ExportGrowth #SustainableEconomy #GlobalTrade #VietnamEconomy
