Vietnam’s PM order outlines steps to boost exports, diversify markets

The country’s total trade revenue this year till September 15 was estimated at $673.21 billion—up by 17.2 per cent year on year (YoY), with exports climbing by 15.8 per cent YoY to $325.26 billion and imports rising by 18.8 per cent to $311.95 billion.

Vietnam’s PM has issued an order outlining steps to boost exports and diversify markets.
The Industry and Trade Ministry will lead efforts to monitor market conditions and trade policies of partner countries.
Major trade promotion programmes will also be launched in key markets.
Local authorities are instructed to attract large-scale projects by MNCs with global value chain participation capabilities.

The Prime Minister cautioned that despite these gains, global uncertainties, including strategic competition, conflicts and US reciprocal tariffs, pose significant risks for Vietnam’s exports.

The Industry and Trade Ministry will spearhead efforts to monitor market conditions and trade policies of partner countries, implementing flexible and timely solutions to boost exports, while addressing emerging challenges, a domestic news outlet reported.

The ministry will focus on capitalising on existing free trade agreements (FTAs) while working to sign new ones to tap such potential markets as the Middle East, Africa, Latin America, Central Asia, Eastern Europe, India, Pakistan and Brazil as well as the Mercosur and the Gulf Cooperation Council.

Major trade promotion programmes will also be launched in key markets, including the United States, the European Union, China, Japan, South Korea, the Association of Southeast Asian Nations (ASEAN), and India, while efforts to expand e-commerce and digital trade must be intensified.

Other solutions in the directive include refining mechanisms and policies to create a transparent investment environment, controlling product quality during customs clearance process, preventing imports of low-quality goods, intellectual property violations and origin fraud, strengthening economic diplomacy, and upgrading transport and logistics infrastructure.

The State Bank of Vietnam has been tasked with managing exchange rates flexibly and developing mechanisms to strengthen monetary and banking linkages in line with global commitments and legal frameworks.

Local authorities are instructed to attract large-scale projects by multinational corporations with global value chain participation capabilities. Besides, they must improve information-sharing with producers and packaging facilities to prevent congestion in cross-border agricultural trade.

The directive asks exporters to promote investment in science and technology, diversify supply chains, build stronger brands and target niche markets.

Fibre2Fashion News Desk (DS)