Ministry of Trade optimistic about achieving trade expansion objectives for the year 2025
In the dynamic world of global trade, Vietnam continues to make strides, attracting international attention at events like VIS 2025 and ITE HCMC 2025. These events saw 450 purchasing delegations from 60 countries and territories, including traditional markets and emerging potential regions.
The events provided a platform for more than 400 Vietnamese businesses with 12,000 products to connect and exhibit across 10,000 square metres. This robust participation underscores the country's commitment to boosting its international trade.
However, challenges persist. Vietnamese enterprises face hurdles in sectors such as semiconductors, high technology, logistics, and supply chain management due to a lack of internationally qualified personnel. To address this, the Party, state, and government have introduced strategies to foster the private sector, drive breakthroughs in science, technology, and innovation, and renew legal frameworks.
The country's economic growth is a testament to these efforts. In 2024, Vietnam's total import-export turnover exceeded $786 billion, with exports reaching $405 billion. The target of 12% growth in import-export turnover in 2025 is considered achievable.
Vietnam's strategic geographical location, stable political environment, competitive labour costs, and network of 17 free trade agreements with more than 60 countries make it an attractive destination for investors. However, domestic firms face trade barriers such as anti-dumping duties and trade defence investigations from the US and EU, as well as fierce competition from foreign-invested enterprises.
To navigate these challenges, Linh, a prominent figure in the trade sector, advises businesses to make full use of free trade agreements, master rules of origin to take advantage of tariff preferences, and expand export markets. He also emphasises the importance of building close relationships with distributors and international partners through trade promotion events, direct connections with importers, and cooperation with Vietnam's overseas trade offices.
Businesses are adapting to new US tariffs by investing in local supply chains, exploring new export markets, and innovating to maintain competitiveness in a challenging global landscape. The supporting industry, including those from Japan, is increasingly important in this context.
International tourism contributed about 8% to Vietnam's GDP in 2024 and is expected to rise to 25 million in 2025. This sector, along with the successes in trade, underscores Vietnam's potential for continued economic growth.
Experts discussed ways to unlock opportunities for Vietnamese businesses to join global supply chains at the Vietnam International Sourcing 2025 and Ho Chi Minh City Export Forum, with Deputy Minister of Industry and Trade Phan Thi Thang delivering a speech. Sixty trade offices and branches worldwide also brought business delegations to the event.
In a bid to overcome challenges and seize opportunities, Linh suggests businesses should enhance production capacity through technological investment, process optimisation, and compliance with international standards on quality and sustainability. Thirty-seven items in Vietnam surpassed the $1 billion mark in 2024, and eight items exceeded $10 billion, offering a promising outlook for the future.
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