Vietnam Export Promotion Forum 2020: Towards sustainable export

On December 16, Vietnam Export Promotion Forum 2020 with the theme “Trade promotion for sustainable export development in the context of implementing EVFTA, CPTPP and other new generation FTAs” was taken place in Hanoi.

Hannah Nguyen

ngminhphuong26@gmail.com December 17, 2020 | 07:12

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Vietnam Export Promotion Forum 2020: Towards sustainable export

At the event.

The forum was jointly organized by the Ministry of Industry and Trade (MoIT) and the Swiss Import Promotion Program (SIPPO), implemented by Helvetas in Vietnam and funded by the Swiss State Secretariat for Economic Affairs (SECO).

At the Forum, more than 200 delegates representing relevant ministries and departments, several embassies (Switzerland, Finland, Chile, Russia), enterprises, associations, local and international trade promotion organizations have exchanged information, identified opportunities and prospects for Vietnam's exported goods, discussed on policies to facilitate export and solutions to strengthen coordination among associations towards the goal of sustainable export development.

Other main discussion topics includes measures to support businesses in the context of COVID-19, initiatives for trade promotion and enhancing coordination among trade promotion organization, how to effectively take advantages of EVFTA (EU – Vietnam Free Trade Agreement), CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), RCEP (Regional Comprehensive Economic Partnership Agreement) and promote trade relations between Vietnam and other countries.

Ivo Sieber, Swiss Ambassador to Vietnam presenting at the forum.

In the panel discussion session, Vu Ba Phu - Director of the Trade Promotion Department - highly appreciated the support of international organizations, of which Helvetas is one of the most active ones with highly effective projects in Vietnam such as the BioTrade Project or SIPPO Program. He also acknowledged the SIPPO's recommendation to cooperate with international certification orrganizations, involving them into the Vietnam’s trade promotion ecosystem that are being built by Vietrade in the next five years.

The information exchanged at the forum is not only useful for Vietnamese enterprises to develop business strategies and diversify export markets, but also suggests orientations and solutions for local authorities, industry associations in enhancing their ability to provide support to the business community for sustainable export development.

The impact of the ongoing pandemic has been noted as particularly acute for Vietnam’s export-reliant economy. Aside from computers and machinery, most of Vietnam’s top products registered lower exports compared to the same period last year. However, figures indicate that Vietnamese goods are still in demand, VIR reported.

As a hub for manufacturing, Vietnam has reached USD 254.6 billion of export turnover, up 5.3 per cent on-year in the first 11 months of 2020 thanks in part to Samsung’s new products and other key export staples like phones and their spare parts, according to the latest report from the MoIT.

In general, the United States was the biggest importer of Vietnam goods, purchasing goods worth USD 69.9 billion, followed by China, the EU, ASEAN, South Korea, and Japan.

In the first 11 months of this year, the country’s imports posted USD 234.5 billion, increased by 1.5 per cent on-year.

Vietnam's export surplus recorded at over USD 20 billion

By raising exports to the US and China markets, Vietnam reaches a record export surplus of 20 billion USD in the last 11 months.

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Hannah Nguyen