Breakthrough growth expected for the 2021-2025 period
In 2021, the first year of a new economic cycle, the business community expects the support of national and local authorities will facilitate a breakthrough in production and trading activities. Several leading experts shared their views on the issue with Vietnam Economic News.
Dr. Nguyen Dang Nghia, agricultural expert: Farm produce remains an advantage in the 2021-2025 period
Despite the Covid-19 impact and natural disasters, the Vietnamese agricultural sector achieved positive results in 2020 with total export value of agro-forestry-fishery products reaching US$41.2 billion, an increase of 2.5 percent compared with 2019. Over the past five years, the signing of bilateral and multilateral trade pacts, as well as numerous fairs and trade promotion events have helped promote the image of Vietnamese farm produce in the world and opened up new markets. Vietnam’s export products and export markets have been diversified. Export prices have also increased. Farm produce exports promise bright prospects in 2021 and the 2021-2025 period. In January 2021, Vietnam continued exporting rice, dragon fruit, pear shaped melon and other agricultural products to various markets. In the 2021-2025 period, the agricultural sector will continue boosting the export of key products, such as seafood, rice, cashew, coffee, fruit and vegetables. To maintain export growth, the Ministry of Industry and Trade and other relevant authorities should promote foreign trade through the signing of trade pacts. Great attention needs to be paid to brand building and quality assurance - factors vital to exports.
Huynh Van Thon, Chair of the Board at Loc Troi Group: Plenty of hope for 2021
Over the past two years, Vietnam’s rice exports yielded good results thanks to production restructuring and enhanced competitiveness. In 2021, the high global market demand and free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the EU-Vietnam Free Trade Agreement (EVFTA) and the UK-Vietnam Free Trade Agreement (UKVFTA) promise the rice sector new opportunities to increase export volume and price. In recent years, we have seen efficient state and government performance in removing administrative hurdles for business as well as in combating negativity in management. In 2021, however, I think the state should pay greater attention to problems facing businesses. I hope the state and the government will maintain their good performance in the new period, strengthening the trust of the business community and the people in Vietnam’s ability to overcome the Covid-19 pandemic. The year 2021 is of greater hope than 2020.
Nguyen Chi Trung, Director of the Gia Dinh Group Joint Stock Company: Inspiring business confidence on the way to global markets In recent years, the state and the government have listened to business opinions and helped them overcome numerous problems, but not all. The implementation of various state support policies was delayed, minimizing their effects on business. To help business overcome the Covid-19 impact and resume growth, the state should put in place timely and more substantial support policies. The implementation of free trade agreements and the recovery of international trade will present businesses with numerous legal and policy problems. Therefore, along with being receptive to business opinions, the government should continue dealing with pending problems afflicting the state apparatus as well as management policies, and provide more legal consultancy to support businesses and inspire their confidence on the way to the global market.
Nguyen Dinh Tung, CEO of Vina T&T Group: Tight system linkage is needed
Businesses expect the pandemic can be controlled in 2021 so that they can promote production and trade under favorable conditions. If the pandemic continues, we expect tight linkage throughout the system, from farmers to businesses, from banks to the government, to enable joint efforts for sustainable agriculture. Vietnam can take advantage of free trade agreements to do this, which requires major changes in the thinking of farmers and businesses. In 2021, there will be more opportunities for major agricultural companies capable of investing strongly in advertising to promote their products in the global market. The government’s efforts to accelerate administrative reform will help businesses reduce production costs. Digitization and the single window mechanism will help them save time, improve product quality and enhance efficiency and competitiveness.
VietNam Economic News