VIETNAM : Government seeking ways to boost Viet Nam’s exports through trade facilitation
The Government of Viet Nam is considering additional trade facilitation measures to boost production and exports as the country attempts to navigate a challenging global environment. Viet Nam’s Prime Minister Pham Minh Chinh noted that in response to external factors which have led to lowering in external demand and domestic production, diversification of exports and supply chains and developing a more resilient domestic economy are priorities this year. In order to diversify export markets, efforts are being explored to improve trade facilitation, reduce technical barriers to trade, and improve the quality of products made in Viet Nam. It is noted that with northern Europe and Latin America representing a smaller share of Viet Nam’s exports, there is much room for growth. According to S&P Global Market Intelligence, the Vietnamese manufacturing sector faced challenging business conditions in January 2023, with declining production and a slowdown in new orders. It should be noted that in 2022, Vietnam was ranked as America’s 7th largest trade partner in the world with two-way trade exceeding $130 billion.