The Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) is responsible for supporting businesses of both sides to connect trade and promote economic cooperation.
Functions and tasks of the Vietnam Trade Office in Ukraine (concurrently in charge of Moldova and Armenia)
The Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) is part of the trade office system of the Ministry of Industry and Trade of Vietnam, undertaking many important tasks to help promote and develop economic, trade and investment cooperation between Vietnam and related countries.
Accordingly, as the official representative of the Ministry of Industry and Trade of Vietnam abroad, the Vietnam Trade Office in Ukraine (also in Moldova and Armenia) supports economic and investment connection programs; provides detailed analysis of market trends, business opportunities, as well as advice on legal regulations and trade procedures in these countries.
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| More than two years of full-scale war have dramatically changed the Ukrainian economy and its economic potential. Photo: AFP |
More than two years of war have significantly changed the Ukrainian economy and its economic potential. Part of its economic potential has been lost. Ukraine is waiting for new development, which is a matter of post-war investment, and investment requires more than just money.
Therefore, the Vietnam Trade Office in Ukraine (concurrently in charge of Moldova and Armenia) has the task of market research, first of all, to clearly define the potential capacity of the market, the current situation and trends in demand, tastes and related market characteristics, and to report and advise on appropriate solutions to the Ministry of Industry and Trade, units within the Ministry and associations, industries and enterprises in directing and operating production and business plans, supplying and marketing goods.
In addition to collecting and analyzing data and office statistics on industry market characteristics, strengthening market research, closely following and promptly grasping market demand and response capabilities, the trade office also proactively and actively participates in trade promotion activities and events, directly connecting trade, approaching and working with importers and distributors through local business trips to host countries.
Opportunities and challenges in Vietnam - Ukraine economic cooperation
The Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) has provided information on the Ukrainian economy in recent times and useful information for Vietnamese businesses. Accordingly, more than two years of war have significantly changed the economy and economic potential of Ukraine. If in 2023, the Ukrainian economy recovers from the initial shock and increases consumption significantly thanks to strong fiscal stimulus (reflected in a real budget deficit of more than 20% of GDP for two consecutive years), the ability to maintain the same recovery rate in 2024 will face many challenges.
In addition, by the end of 2024, Ukraine’s public debt is forecast to reach an unprecedented level of 95% of GDP. Although most of it is concessional loans with long terms and relatively low interest rates for government spending, the large amount will make Ukraine a highly indebted country that will have to continue to seek post-war lending.
According to economic forecasters, despite the war, Ukraine is still likely to grow by around 4.6% in 2024, and if the war ends in 2024, real GDP growth is forecast to average 5% in the following year (2025). By 2027, GDP will be 91% of the 2021 level. In the event that the war continues, this figure will be 88%. Some hopes for economic growth in 2024 are pinned on exports, especially the expansion of the range of exported goods passing through the sea corridor.
According to the Ukrainian Customs Service, the import-export turnover between Vietnam and Ukraine in 2023 reached 592.679 million USD, an increase of more than 40% compared to 2022. Of which, Vietnam's export turnover to Ukraine in 2023 reached 524.116 million USD, an increase of more than 10% compared to the whole year of 2022. Imports from Ukraine reached 61.196 million USD, a decrease of more than 30% compared to 2022.
The Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) said that although the import-export turnover of the two countries has increased, currently, Vietnamese export enterprises and Ukrainian import enterprises still do not trust each other, especially Vietnamese enterprises. This makes it difficult for trade cooperation between the two countries, especially in the implementation of signed contracts that are stuck and stagnant. In this context, newly signed contracts will still be of interest to both sides but need to be carefully considered.
Vietnam's main export products to Ukraine after the conflict are certainly still essential goods that businesses and the state prioritize to import to rebuild the country, such as: Generators, electrical equipment, televisions; footwear; textiles; tea and coffee; seafood; iron and steel, solar panels and batteries...
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| Vietnamese stalls attract a lot of attention from local people. Photo: Chinhphu.vn |
Therefore, the Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) hopes that in the coming time, when the conflict ends, the Ministry of Industry and Trade will study and organize working delegations to Ukraine to explore cooperation opportunities in the fields of metallurgy, energy, environmental technology, thermal power, hydropower, titanium technology, etc.
In addition, the two countries also promote foreign economic relations through practical activities such as supporting the Ukrainian Chamber of Industry and Commerce to organize the Vietnam - Ukraine Business Forum in Vietnam in 2024; supporting Ukrainian business delegations to find Vietnamese partners under the management of the Ministry of Industry and Trade.
The Vietnam Trade Office in Ukraine (also in charge of Moldova and Armenia) has also received much attention in terms of rice, food and textile products for the garment industry. Rolled steel products are being imported from Vietnam to the Ukrainian market, replacing the traditional market of China, due to higher taxes from China than from Vietnam. Investing in buying and selling manufacturing companies for export to the European market is also a very interesting area.
Vietnam Trade Office in Ukraine (concurrently in charge of Moldova, Armenia) Counselor Hoang Dinh Chai Address: 18 Instituskaya street., 01103 Kiev, Ukraine Phone: +380 44 253 02 53 Fax: +380 44 253 02 53 Email:[email protected] Website:[email protected] |
Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-ucraina-366661.html
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