Supporting businesses to diversify the market
Information at the regular press conference for the first quarter of 2025 on April 4, Mr. Ta Hoang Linh - Director of the Department of Foreign Market Development (Ministry of Industry and Trade) said - the Ministry of Industry and Trade is promoting solutions to diversify export markets.
With 17 signed FTAs, Vietnam is the country with the largest number of FTAs in the region. Thanks to that, Vietnam's exports have grown remarkably in recent years with nearly 800 billion USD.
Engaged enterprises are encouraged to take advantage of demanding markets such as the US and EU, which require high quality standards and large shipments for export. Through the national trade promotion program, the Ministry has actively supported this group of enterprises.
For small and medium-sized enterprises with little export experience, the Ministry of Industry and Trade supports training and provides market information so that goods meet technical standards and user tastes. The Ministry has a training program to guide FTA implementation, organize forums and seminars to provide information for businesses" - Mr. Ta Hoang Linh informed.
According to Mr. Ta Hoang Linh, to exploit FTAs, they must meet the rules of origin and the ministry has guided and supported businesses on this issue. At the same time, the ministry also stepped up FTA negotiations with other countries. Discussions and negotiations are based on feasibility studies to see what products can be opened, helping businesses benefit.
For more information about the Official Dispatch sent to the US side, Director Ta Hoang Linh said that the Official Dispatch of the Minister of Industry and Trade is to send to a counterpart to request a phone call between the two sides.
Previously, the Minister had been to the US as a Special Envoy of the Prime Minister, working with relevant units and the parties had also worked at all levels of technology. Here, the two sides exchanged information on the basis of continuing to maintain this relationship, affirming that Vietnam wants to build fair trade, is ready to exchange and negotiate to resolve shortcomings for more harmony.
Recommending businesses to face tariff and trade fluctuations
Mr. Ta Hoang Linh recommended that for Vietnamese enterprises, to minimize risks from international trade fluctuations, the Ministry of Industry and Trade recommends that domestic enterprises synchronously implement measures.
First, proactively update market information. Regularly monitor and update information on markets and trade policies of countries to promptly adjust business strategies accordingly.
Regarding this solution, the Ministry of Industry and Trade will work with commercial agencies to accompany businesses to regularly provide market information.
Second, diversify export markets, effectively exploit key markets, traditional markets, as well as develop small markets, corridor markets and open up new potential markets.
Third, improve product quality, ensure that products meet technical, labor and environmental standards of export markets, to increase competitiveness and reduce the risk of applying trade defense measures.
Fourth, control the origin of raw materials, focus on controlling the origin of raw materials for production, ensuring compliance with the rules of origin in the FTA and avoiding risks related to trade fraud.
Fifth, enhance trade defense capacity: Raise awareness and response to trade defense measures from abroad, through regularly updating information and participating in related training courses.
Director Ta Hoang Linh emphasized that the synchronous implementation of the above solutions will help Vietnamese enterprises increase their resilience to fluctuations in international trade and maintain sustainable export growth.
