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| 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 |
HÀ NỘI — Việt Nam is gearing up to accelerate negotiations for new trade agreements, placing significant emphasis on key rice deals while leveraging the power of its 17 existing free trade agreements (FTAs). This strategy aims to achieve an ambitious export growth target of 12% for this year, according to the Ministry of Industry and Trade.
Minister Nguyễn Hồng Diên has directed the Department of Foreign Market to hasten FTA discussions with promising partners worldwide. Countries such as Mercosur in South America, the Gulf Cooperation Council (GCC), and nations in Asia like India and Pakistan are at the frontline of this initiative. There’s also a keen interest in engaging with Egypt and the Southern African Customs Union (SACU) in Africa, highlighting Việt Nam’s broader approach to global trade.
Rice exports remain a focal point for Việt Nam, with ongoing negotiations for pivotal agreements with countries like Indonesia, the Philippines, Malaysia, Singapore, and Brazil. These discussions aim to secure favorable conditions for Việt Nam’s rice exports, reinforcing its position in the global food market.
In addition to rice, the Ministry is advancing negotiations for a reciprocal tax agreement with the United States, which would potentially facilitate smoother trade relations and reduce barriers for Vietnamese goods entering one of the world’s largest markets. This effort is part of a broader strategy to optimize trade performance and enhance Việt Nam’s competitiveness on the international stage.
The Multilateral Trade Policy Department is diligently working to finalize negotiations on an FTA with the European Free Trade Association (EFTA), aiming for completion by 2025. This agreement is expected to unlock new opportunities for trade, aligning with Việt Nam’s commitment to diversify its markets and strengthen economic ties with Europe.
As Việt Nam moves forward, the focus will also be on the effective implementation of key FTAs already in place, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA). In light of this, the Ministry plans to develop an ‘FTA Index 2025’ to monitor and evaluate the performance of these agreements and their contributions to the economy.
Moreover, the Ministry is devoted to balancing trade with major partners and diversifying sources for raw materials to enhance supply chain resilience. This will not only help stabilize domestic industries but also ensure that Việt Nam can meet its diverse export demands as it continues to expand into new markets.
Finally, a series of strengthened trade promotion efforts in international markets is on the horizon, aimed at fully maximizing the potential of existing FTAs. These initiatives reflect Việt Nam’s proactive approach to standing out in the global trade arena, ensuring that the nation’s products resonate with international buyers and meet the evolving demands of consumers worldwide.