Ministry of Industry and Trade proposes exploiting new markets to increase export growth by 12%

The Ministry of Industry and Trade directed units to deploy solutions to remove difficulties for businesses, support production, promote exports, and exploit new markets to achieve export growth of 12% this year.

The Ministry of Industry and Trade directed units to deploy solutions to remove difficulties for businesses, support production, promote exports, and exploit new markets to achieve export growth of 12% this year.

To increase export growth by 12%, the Ministry of Industry and Trade recommends exploiting new markets.

To increase export growth by 12%, the Ministry of Industry and Trade suggests exploiting new markets.

The Ministry of Industry and Trade has just issued Directive No. 06/CT-BCT on a number of solutions to develop markets, promote exports, and manage imports by 2025.

According to the assessment, in 2025, exports will have favorable opportunities to continue growing thanks to the recovery of the world economy, controlled inflation, and expanded export markets following the tariff reduction roadmap in free trade agreements.

However, there are still many difficulties and challenges such as increasing protectionism in importing countries, fierce competition with goods from exporting countries and the possibility of a global trade war, which threatens to disrupt supply chains and narrow export markets.

In that context, with the target of increasing export growth by over 12% in 2025 and achieving a trade surplus of 30 billion USD, the Ministry of Industry and Trade will focus on implementing synchronous solutions to mobilize competitive advantages while proactively researching, advising on negotiations, and signing cooperation agreements with new markets.

The Ministry requested the Department of Foreign Market Development to monitor and promptly update information on the import and export situation of goods, changes in economic and trade policies in the market areas under its responsibility, especially key markets such as the US, China, and the EU.

Along with that, it is necessary to promote policy dialogue activities to remove barriers to Vietnam's import and export goods; promote negotiations and signing of trade agreements and related agreements to help open the market for fruits,

Regarding the effective exploitation of Free Trade Agreements (FTAs), the Minister of Industry and Trade suggested that the units in charge of negotiating FTAs discuss with partners and urge countries that have signed FTAs with Vietnam to promptly complete internal procedures in ratifying the agreements for early implementation.

Units also need to assess the impact of the agreement on production, import and export of Vietnamese goods; coordinate with the Department of Foreign Market Development to study the feasibility of negotiating FTAs and agreements on trade facilitation with potential new partners.

Regarding trade facilitation and logistics service development, the Minister noted that relevant departments and offices should review the list of goods and licensing procedures for groups of goods currently managed under the license form in order to reduce administrative procedures and facilitate business operations.

The Import-Export Department shall preside over and coordinate with relevant departments and offices to develop logistics services; cooperate, invest, and use logistics centers abroad to promote the import and export of Vietnamese goods to international markets.

Preliminary statistics from the Ministry of Industry and Trade and the Ministry of Finance show that export turnover in the first two months of the year reached 65.2 billion USD, up 9.9% over the same period, while imports reached 62.9 billion USD, up 16%, bringing the trade balance to a surplus of 2.3 billion USD.

Source: https://baodautu.vn/bo-cong-thuong-de-nghi-khai-thac-cac-thi-truong-moi-de-xuat-khau-tang-truong-12-d251101.html