English
Vietnam: Trade sector eases firms to boost exports
The Hanoitimes – The Ministry of Industry and Trade (MoIT) will continuously streamline legal procedures this year to offer the most favorable conditions for exporters in having access to markets and enhancing consumption, MoIT minister Tran Tuan Anh said.
The move was made to help Vietnam meet the export growth target of 10 percent in 2018.
Vietnam’s export revenues last year rose by over 21 percent to hit approximately US$214 billion, providing a solid foundation for even better results in 2018.
Vietnam’s export revenues last year rose by over 21 percent to hit approximately US$214 billion, providing a solid foundation for even better results in 2018.
However, experts say that local exporters will encounter a great deal of hurdles from continued global uncertainties and growing protectionism, as manifested in more and more anti-dumping cases against Vietnamese goods.
Amid a plethora of challenges, Vietnam needs to further step up its international economic integration in 2018 through concrete measures such as accelerating the negotiation, signing and approval of free trade agreements.
Such trade pacts will give more room to Vietnamese goods and enhance their competitive edge in the global market.
In the meantime, measures are needed to consolidate the presence of Vietnamese goods in established markets, especially those with which Vietnam has continually posted a trade surplus, while also exploring opportunities in new markets by focusing on the goods that are Vietnam’s strength.
As for Vietnam’s trade missions abroad, it is advised that they organize more trade promotion events, hold direct talks with Vietnamese exporters and major foreign retailers to advertise Vietnamese goods and seek export opportunities.
As a key factor dictating the success of exports, quality needs further improvement by pushing the formulation and application of national quality control standards in harmony with international and regional criteria.
The authorities concerned should educate local exporters on the specific rules enforced in major export markets that could potentially become obstacles to Vietnamese goods.
For their part, exporters need to customize their products to meet the market demands and proactively adjust their supply chains so that the final products will meet the rule of origin and take advantage of preferential tax rates laid down in Vietnam’s trade pacts with other economies.
In addition, they need to familiarize themselves with the unique requirements of each market, fully comply with food safety regulations, and other rules, in order to avoid unanticipated investigations and other trade defense measures.
MoIT was a pioneer in simplifying administrative procedures last year with the removal of 675 out of 1,216 business and investment conditions under its management. The cut, which accounted for 55.5 percent of the total current business conditions, was the highest-ever record in the ministry’s history.
Minister Anh said that the streamlining of business conditions will be the core of the ministry’s administrative reform process in the coming time, aiming to improve the legal system as well as investment and business environment.
Vietnam has climbed nine positions to 82 from 91 on the World Bank’s Doing Business 2017 ranking and moved 15 spots up to 93 from 108 for improved border-trade indicators related to import-export operations. The reform is a major step towards Vietnam’s goal of being one of the top four simplest places for doing business in ASEAN in 2020.
It has been also aimed to further boost the country’s trade, which has increased four times to reach a milestone of US$400 billion, or 170 per cent of the gross domestic product (GDP), after 10 years of membership in the World Trade Organization (WTO) by December 12 last year, according to the General Department of Customs.
Amid a plethora of challenges, Vietnam needs to further step up its international economic integration in 2018 through concrete measures such as accelerating the negotiation, signing and approval of free trade agreements.
Such trade pacts will give more room to Vietnamese goods and enhance their competitive edge in the global market.
In the meantime, measures are needed to consolidate the presence of Vietnamese goods in established markets, especially those with which Vietnam has continually posted a trade surplus, while also exploring opportunities in new markets by focusing on the goods that are Vietnam’s strength.
As for Vietnam’s trade missions abroad, it is advised that they organize more trade promotion events, hold direct talks with Vietnamese exporters and major foreign retailers to advertise Vietnamese goods and seek export opportunities.
As a key factor dictating the success of exports, quality needs further improvement by pushing the formulation and application of national quality control standards in harmony with international and regional criteria.
The authorities concerned should educate local exporters on the specific rules enforced in major export markets that could potentially become obstacles to Vietnamese goods.
For their part, exporters need to customize their products to meet the market demands and proactively adjust their supply chains so that the final products will meet the rule of origin and take advantage of preferential tax rates laid down in Vietnam’s trade pacts with other economies.
In addition, they need to familiarize themselves with the unique requirements of each market, fully comply with food safety regulations, and other rules, in order to avoid unanticipated investigations and other trade defense measures.
MoIT was a pioneer in simplifying administrative procedures last year with the removal of 675 out of 1,216 business and investment conditions under its management. The cut, which accounted for 55.5 percent of the total current business conditions, was the highest-ever record in the ministry’s history.
Minister Anh said that the streamlining of business conditions will be the core of the ministry’s administrative reform process in the coming time, aiming to improve the legal system as well as investment and business environment.
Vietnam has climbed nine positions to 82 from 91 on the World Bank’s Doing Business 2017 ranking and moved 15 spots up to 93 from 108 for improved border-trade indicators related to import-export operations. The reform is a major step towards Vietnam’s goal of being one of the top four simplest places for doing business in ASEAN in 2020.
It has been also aimed to further boost the country’s trade, which has increased four times to reach a milestone of US$400 billion, or 170 per cent of the gross domestic product (GDP), after 10 years of membership in the World Trade Organization (WTO) by December 12 last year, according to the General Department of Customs.
Source: http://www.hanoitimes.vn/economy/2018/01/81E0C0B2/trade-sector-eases-firms-to-boost-exports/