Trading up Việt Nam's export ambitions

Trading up Việt Nam's export ambitions

Negotiations for new trade deals, including rice agreements, will be accelerated alongside efforts to fully utilise 17 existing free trade agreements to achieve an export growth target of 12 per cent this year, according to the Ministry of Industry and Trade.

Containers at SOWATCO Long Bình, HCM City. The Ministry of Industry and Trade is hastening FTAs negotiations to fulfill export targets. —VNA/VNS Photo Hồng Đạt

Việt Nam is set to fast-track negotiations for new trade deals, including crucial rice agreements, while maximising the potential of 17 existing free trade agreements (FTAs) to achieve an ambitious export growth target of 12 per cent this year, the Ministry of Industry and Trade announced.

Minister Nguyễn Hồng Diên has instructed the Department of Foreign Market to accelerate FTA talks with promising partners such as Mercosur in South America, the Gulf Cooperation Council (GCC), India and Pakistan in Asia and Egypt alongside the Southern African Customs Union (SACU) in Africa.

Việt Nam is also advancing negotiations on a reciprocal tax agreement with the US and pursuing rice trade agreements with Indonesia, the Philippines, Malaysia, Singapore and Brazil.

Meanwhile, the Multilateral Trade Policy Department aims to conclude negotiations on an FTA with the European Free Trade Association (EFTA) by 2025.

The ministry will concentrate on effectively implementing key FTAs already in force, including the CPTPP, EVFTA and UKVFTA and will develop an 'FTA Index 2025' to track their performance.

Additionally, plans are underway to balance trade with major partners and diversify import sources for raw materials, alongside strengthened trade promotion efforts in overseas markets to fully utilise existing FTAs. 

Bizhub