Investment News

There is plenty of room for Vietnamese goods to go to the European-American market


Ta Hoang Linh, Director of the European-American Market Department (Ministry of Industry and Trade), said that in 2023, import and export activities between Vietnam and the European-American market will have many advantages from the trade agreements. existing free trade agreements (FTAs) with European-American market partners.


Preliminary processing of shrimp at Duyen Hai Economic Development Company - COFIDEC, Vinh Loc Industrial Park, Binh Chanh District, Ho Chi Minh City. Illustration: Hong Dat/VNA

Specifically, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam - Chile, the EU-Vietnam Free Trade Agreement (EVFTA), the Vietnam Free Trade Agreement-- The Eurasian Economic Union (VN-EAEU FTA) and the UK-Vietnam Free Trade Agreement (UKFTA) continue to have a positive impact on trade, investment and especially exports. Vietnam.

However, along with that, businesses will have to face the fact that the main export market in European countries may slow down but still maintain a positive growth rate, except Russia.

Moreover, the fact that Western countries (Europe-US) maintain or increase sanctions against Russia; Continuing China's strategy of restraining development leads to these countries increasing their search for alternative sources of goods and alternative investment locations while Vietnam may be an option.

This is especially true when all countries are focusing on food security and supply chain stability while Vietnam has achieved many successes in the production and export of agro-forestry-fishery products and outstanding stability. economic determination.

In addition, Vietnam's commitment at the United Nations Climate Change Summit (COP26), especially the commitment to bring net emissions to "zero" by the middle of the century, is assessed by the international community. High.

The move towards producing green products, protecting the environment will create a competitive advantage for Vietnam's exports in the future when the demand for these products in countries in the Europe - America region is increasing day by day. and environmental protection policies in other countries are increasingly focused.

Vietnam will receive more and more support from developed countries in energy transformation, changing production towards a circular economy and sustainable development in both production and consumption.

Besides the advantages, Vietnam's import and export will face difficulties in 2023 such as the risk of economic recession, inflation and rising interest rates, which will reduce consumer demand in countries around the world; in which, there is the Europe - America region; the Russia-Ukraine conflict continues to negatively affect the global economy; protectionist policies of countries are increasing day by day.