Along with that, Vietnam has developed a number of key economic sectors; productivity, quality and competitiveness of export products are increasing in the international market. Vietnam is increasingly diversifying its export markets, reducing dependence on traditional markets and achieving a trade surplus. This shows that Vietnam's sustainable development and competitiveness are increasingly affirmed in the global market.
Mr. Trinh Minh Anh, Chief of Office of the Inter-sectoral Steering Committee for International Economic Integration, and Chief of Office of the Government Negotiation Delegation on International Trade and Economics, said: After joining the World Trade Organization (WTO), Vietnam has actively signed and participated in many bilateral and multilateral Free Trade Agreements (FTAs) with strategic partners such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP)... This process has helped Vietnam have many opportunities to access new markets, further expanding international economic and trade cooperation. Joining the WTO also brings positive impacts on society, especially in reducing poverty and improving people's lives. At the same time, it helps create many new job opportunities, improve income and raise the living standards of workers.
According to Mr. Trinh Minh Anh, Vietnam's export turnover has grown strongly, reflected in indicators such as from 48.5 billion USD in 2007, increasing to about 264 billion USD in 2019 and estimated at approximately 336 billion USD in 10 months of 2024. To date, Vietnam has exported goods to more than 200 countries and territories. Major markets such as the US, EU, China and Japan have become Vietnam's main trading partners.
Many large corporations such as Samsung, Intel and LG have invested in Vietnam, helping to improve production capacity and boost exports, making Vietnam an important link in the global supply chain. Importantly, the export growth factor has also helped improve Vietnam's trade balance, from a regular trade deficit before joining the WTO to a trade surplus, especially from 2011 onwards. This demonstrates that Vietnam's production and supply capacity has improved, thanks to the trade opportunities brought by the WTO.
Affirming that becoming an important link in the global supply chain has brought more and more great opportunities for Vietnam's exports, Ms. Nguyen Thi Thu Trang, Director of the WTO and Integration Center (Vietnam Federation of Commerce and Industry - VCCI) emphasized: When exports along the supply chain increase, Vietnam will reduce the risk of being subject to trade defense measures and that is an incomparable opportunity.
Ms. Nguyen Thi Thu Trang gave a typical example: The RCEP Agreement has created opportunities for Vietnam to improve added value and increase productivity, overcome the outsourcing situation by promoting market expansion, improving economic efficiency by scale, attracting investment in manufacturing industries; enhancing specialization in industries where Vietnam has advantages... From there, it also attracts more foreign direct investment (FDI) enterprises in the supply chain to Vietnam; helps domestic enterprises participate more in global supply chains by taking advantage of the rules of origin in RCEP. At the same time, it increases the rate of taking advantage of tariff preferences with partners in RCEP.
More specifically, Ms. Trang shared that Vietnam's garment industry depends heavily on imported fabrics supplied by FDI enterprises, especially large brands that already have their own supply chains. On the other hand, domestic enterprises mainly process for foreign countries according to the supply of raw materials and designs specified by foreign partners. The trend of shifting the supply chain of the garment industry is reflected in the import of finished garment products such as clothes from major markets in the RCEP region, which is decreasing or increasing slowly, while exports and FDI are still increasing strongly.
This has helped Vietnam firmly maintain its position as the world's top 3 garment exporter. In addition, RCEP will help accelerate FDI attraction and shift the garment industry supply chain to Vietnam. Thanks to further expanding export markets through tariff reduction measures and other flexible rules, as well as the ability to import lower input materials from major partners in RCEP.
Most recently, Vietnam signed the Vietnam - United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA). This is a historic milestone that creates a major breakthrough in economic, trade and investment cooperation between the two countries; opening a major path for Vietnam to penetrate deeper into the Middle East - Africa market. More importantly, this Agreement serves as a highlight to recognize the results of Vietnam's international economic integration process this year.
Minister of Industry and Trade Nguyen Hong Dien said: This is a traditional FTA with all the contents that are usually found in other free trade agreements but with high standards and includes many factors to prepare for future world development trends. With preferential commitments and balancing the interests of both sides, this agreement will be an important driving force to further promote bilateral trade and investment relations between Vietnam and the UAE in the coming time.
Within the framework of the agreement, the UAE commits to eliminating tariffs as soon as the agreement comes into effect for many key industries and those with great export potential of Vietnam; opening the door for almost all Vietnamese products with export advantages. It can be said that the signing of the CEPA Agreement with the UAE is expected to be an important lever for Vietnam in taking advantage of trade and investment opportunities in the Middle East market. This is a region with many very dynamic economies, with large economic scale but has not been noticed by Vietnamese enterprises in the previous period.
Source: https://doanhnghiepvn.vn/kinh-te/trien-vong-tang-truong-tu-mot-the-gioi-bien-dong-bai-cuoi-khang-dinh-vi-the-cua-viet-nam-tren-thi-truong-toan-cau/20241206102403662
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