The Ministry of Industry and Trade (MoIT) of Vietnam is taking steps to enhance economic and trade cooperation with European and American markets, with a continued focus on monitoring regional policy changes and exploring new opportunities. The Ministry aims to intensify policy research and identify avenues to bolster Vietnam’s trade ties with countries in the region.
The focus will be on the effective implementation of existing Free Trade Agreements (FTAs), as well as the potential for upgrading and negotiating new agreements with key markets. Additionally, the Ministry plans to enhance its role as a bridge connecting domestic production and import-export businesses with international partners. The provision of market and policy information to relevant stakeholders is also a priority.
Ta Hoang Linh, Director of the Europe-America Market Department, emphasized the Ministry’s commitment to supporting businesses in overcoming challenges and boosting trade activities. In 2024, the department collaborated with both domestic and international agencies to implement various initiatives aimed at restoring production and facilitating the growth of import-export operations. These efforts have helped expand Vietnam’s trade footprint by tapping into both traditional and emerging markets, while also addressing trade barriers to safeguard the interests of Vietnamese businesses abroad.
According to the Ministry, trade turnover between Vietnam and the European-American market showed a strong recovery in 2024, reaching approximately $250 billion—an increase of 18.5% from the previous year. Notably, the trade surplus exceeded $150 billion for the first time, reaching $154.2 billion. Vietnam’s exports to the US and the EU saw significant growth, totaling $119.3 billion and $51.9 billion, respectively, marking year-on-year increases of 23% and 18.8%.
The country’s key export items also showed impressive growth. Computers, electronic products, and components earned $34.6 billion, representing a 39.7% year-on-year increase.
To further expand export markets, the Ministry is working to maximize the benefits of FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), the Eurasian Economic Union (EAEU), the UK-Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Vietnam-Chile Free Trade Agreement (VCFTA). Negotiations are also underway for a new FTA with Mercosur, a trade bloc consisting of Brazil, Argentina, Uruguay, and Paraguay.
Additionally, the Ministry is addressing trade challenges such as anti-dumping investigations and food safety standards, as well as working on enhancing standards in goods production and fisheries. A key initiative to boost Vietnam’s presence in global markets includes the ongoing project to encourage Vietnamese enterprises’ participation in foreign distribution networks by 2030. This has been supported by events such as Vietnam International Sourcing 2024 in Ho Chi Minh City and Vietnam Goods Week in countries including Japan, Germany, and the United Arab Emirates (UAE).
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