Conference seeks to fully tap into Asian, African markets
The Asian and African markets made up 67% of the country's total import and export turnover in the first half of the year, heard a conference held on July 14 to review activities of the trade sector.
Le Hoang Oanh, director of the Asia and Africa Market Department under the Ministry of Industry and Trade (MoIT), pointed out that Vietnam achieved positive results in import and export activities in the reviewed period amid continued global economic fluctuations.
This comes as the country’s import-export turnover surged by 16.4% to US$371.4 billion year on year, of which exports soared by 17.3% to US$186 billion, and as a result Vietnam enjoyed a trade surplus of more than US$712 million.
The Asian and African regions alone made up 67% of the country's total import-export turnover. Most notably, exports to several major markets witnessed robust growth, including the Republic of Korea, up 17.1%, Japan, up 12.9%, Taiwan (China), up 21%, Southeast Asia, up 26.9%, Oceania, up 30%, and South Asia, up 33%.
These gains can be attributed to the establishment of co-operation mechanisms to ensure supply chains with China, support in the prevention of congestion occurring at the northern border gates, and timely searching for an alternative supply source of materials. In addition, businesses moved to optimize advantages of Free Trade Agreements (FTAs), especially the Regional Comprehensive Economic Partnership (RCEP).
However, Oanh emphasised that amid numerous difficulties such as rising inflation, escalating prices of input materials and transportation services, as well as China’s Zero COVID-19 policy, the Asia and Africa Department will continue to regularly monitor market fluctuations and make recommendations to help localities and businesses come up with appropriate adjustments to their production and export plans.
Furthermore, the department will further co-ordinate with localities to promote the shift from unofficial to official export channels in a bid to minimise the risk of congestion of agricultural products.
Moreover, local firms were also advised to take the full advantage of FTAs and diversify export markets to avoid heavy reliance on a single market.
