MoIT to step up talks on new FTAs

The Ministry of Industry and Trade (MoIT) is set to actively coordinate with other ministries and sectors to step up the negotiations and signing of new free trade agreements (FTAs) with potential partners.

The Ministry of Industry and Trade (MoIT) is set to actively coordinate with other ministries and sectors to step up the negotiations and signing of new free trade agreements (FTAs) with potential partners.

Besides, it will boost assistance for enterprises to maximise opportunities under existing ones, keep frequent communications to grasp obstacles facing each industry, and take timely measures to tackle bottlenecks and foster shipments, the ministry said.

During the first four months of 2024, Việt Nam’s foreign trade approximated US$239 billion, up 15.1 per cent year-on-year. It comprises $124 billion in exports and $115 billion in imports, increasing 15.1 per cent each and resulting in a trade surplus of $9 billion, the MoIT’s Foreign Trade Agency reported.

These figures are considered as positive during the period and a clear demonstration of export and import recovery, the agency said, noting that both foreign invested and domestic enterprises posted good trade growth.

Agricultural and fishery exports rose 25.7 per cent year-on-year. Meanwhile, the export of key industrial products continued to bounce back and shipments to most regions grew strongly, especially the markets having signed FTAs with Việt Nam, according to the agency.

Trade experts attributed such results to the long-time implementation of measures for facilitating export, implementing FTAs, and removing difficulties facing enterprises amid complex and unpredictable changes in the world.

During the 2013-22 period, the export revenue of the goods benefiting from preferential tariffs under FTAs stood at 12.7 per cent each year, higher than the average annual growth of 12.5 per cent in total exports in the time under review, statistics show.

In the current context, foreign trade is facing numerous difficulties due to impacts of complex developments in the world and the region along with high inflation. The MoIT is adopting various measures for fostering exports, including removing difficulties and assisting enterprises to make use of FTAs, the Foreign Trade Agency added.