Synchronous solutions needed to boost market development in Asia-Africa
Amid the continued developments of the COVID-19 pandemic, the Ministry of Industry and Trade will redouble its efforts to ensure production activities, maintain supply chains, and expand export markets, with a focus on carrying synchronous solutions to develop the Asia–Africa market.
The Ministry of Industry and Trade (MoIT) will therefore continue to fine-tune the legal framework for bilateral trade and sub-regional co-operation with regional partners in order to diversify markets, along with importing and exporting products towards the goal of developing sustainable trade moving forward.
In line with this policy, the industry and trade industry sector will hold meetings at all levels with foreign partners aimed at removing difficulties, maintaining smooth commercial activities, and helping businesses to recover after the pandemic.
It can be viewed as necessary to effectively implement signed FTAs such as the ASEAN–China Free Trade Area (ACFTA), the Vietnam-Korea Free Trade Agreement (VKFTA), the Vietnam-Japan Economic Partnership Agreement (VJEPA), the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This should be done while actively exploiting opportunities for exports to markets in RCEP countries following the agreement officially taking effect from January 1st.
The MoIT will strive to ramp up communications and guidance on market access, with a specific focus on raising awareness about key market developments, whilst also updating information on new and niche markets.
It will promote trade promotion activities, along with helping businesses boost trade exchanges, as well as attend fairs and exhibitions through both in-person and online formats.
The Ministry will push up digital transformation and the application of information technology in state management of commercial activities and trade promotion.
Furthermore, businesses must improve their capacity to respond to trade remedies of other countries, along with actively researching and proposing trade remedy measures to protect the interests of domestic industries.
The MoIT will direct the country’s trade promotion offices in foreign markets to promptly inform firms about the market situation in an effort to remove difficulties for enterprises' import and export activities.
According to statistics provided by the General Department of Vietnam Customs, the total import-export turnover between the nation and the Asia-Africa region in 2021 reach US$444 billion, up 22.38% compared to 2020, thereby contributing 67.3% of total Vietnamese import-export turnover to the world.
The nation’s total export turnover to the Asia-Africa market in 2021 hit US$165.9 billion, an increase of 14.62% compared to 2020, duly accounting for 50.2% of national exports to the global market.
The country’s major export partners in the region include China, the Republic of Korea, Japan, and ASEAN, all of which have maintained high growth rates, contributing to the positive growth of Vietnamese exports.
