VIETNAM TRADERS FINDING OPPORTUNITIES OVER THE HARD TIME
VIETNAM TRADERS FINDING OPPORTUNITIES OVER THE HARD TIME
2022 just passed by, take this opportunity, we – Voltrans Logistics would take a look at what Vietnam trade has achieved. From the Ministry of Industry and Trade source, it is expected that in 2022, Vietnam’s total export turnover will reach 732.5 billion USD, up 10.6% compared to 2021. This is an unimaginable number when we started 2022.
In the year, firstly from the government side, the efforts of the Government and ministries and branches in implementing the contract worked well. A set of solutions to remove difficulties, support businesses, and the initiative and flexibility in the production organization of export enterprises to seize opportunities to recover and scarce goods from import and export markets. effectively exploit FTAs. Besides, there is also a positive contribution from the simplification of administrative, tax and customs procedures, maximum facilitation for quick customs clearance of goods, and efforts to open up trade flows with the Chinese market. … Secondly, from the enterprise side, the efforts of companies have found good solutions in terms of products, improved quality, and got new markets.
Toward the upcoming 2023, regardless of difficulties as a result of the Russian-Ukraine war and China’s Zero-covid policy (even stopped recently) still exist, but fortunately, there also have a lot of opportunities for Vietnam companies in FTA markets, like TP-TPP, EVFTA, RCEP. For example, in textile and garment, we continue to actively take advantage of the free trade agreement (FTA) to open the “door” for the industry. textile…; in which, maintaining market share in large markets such as the United States, taking advantage of incentives from EVFTA. With the EVFTA Agreement, 100% of Vietnam’s textile and garment products will be reduced to 0% import tax after up to 7 years from the date of entry into force of the agreement. Specifically, according to statistics from the Ministry of Industry and Trade for textiles, the EU will eliminate tariffs on 77.3% of Vietnam’s export turnover after 5 years and the remaining 22.7% of the turnover will be eliminated. after 7 years. This is considered a golden opportunity for Vietnam’s garment industry when entering the market of 27 EU member countries.
We hope that our trade will keep doing well with more proactive activities from the support of governmental agencies, then we will celebrate bigger numbers! We – Voltrans Logistics are delighted to be a loyal partner for this success.
By Thomas
Voltrans Logistics – Your Ware Our Care