3-30-2020, 9:28 GMT+7

Vietnam seeks to expand market to sustain GDP amid COVID-19

 Vietnam is striving to battle the COVID-19 pandemic while attaining socio-economic growth targets with authorities and enterprises making every effort to increase exports and stabilize the domestic market to sustain GDP this year.
The Ministry of Industry and Trade establishes a Steering Committee for COVID-19 Response (Photo: Industry and Trade Magazine)

The Ministry of Industry and Trade said that although the pandemic has affected production and goods distribution, Vietnam’s exports in the first two months of this year grew 8.4%, much more than last year. But the Ministry expects global trade to face a lot of difficulties in the near future.
Priorities for export market development

Since the beginning of the year, export revenues for Vietnam’s staple commodities, including agro-fishery products, have decreased.

Minister of Industry and Trade Tran Tuan Anh has asked affiliates to quickly conduct market surveys and create scenarios to adapt to COVID-19 complications and other market developments, particularly in Vietnam’s traditional export markets in Europe, Asia, and the US.

Minister Anh said, "The Industry Department needs to work with the Export and Import Department and the Department of Foreign Markets to evaluate impacts on Vietnam’s commodities and traditional and new export markets and work out solutions from now to the end of the year to attain the targets of production, market, and supply chain development.

We’ll market electronics, wood products, agro-fishery products, and processed products to the Republic of Korea, China, Europe, and Latin America.”

The Export and Import Department has surveyed key markets, particular those less impacted by the COVID-19, and has instructed businesses to resume exports to China, the Republic of Korea, and Japan where the epidemic is gradually gotten under control. The Ministry will soon implement specific measures to attain its export targets for the EU, the US, and ASEAN.

The Ministry is finalize documents so the National Assembly can ratify the EU-Vietnam Free Trade Agreement to boost exports later this year.

Domestic market stabilization

The Ministry of Industry and Trade has asked enterprises to take steps to stabilize the domestic market by capitalizing on the EVFTA and enhancing competitiveness.

Minister Anh said, “The structure of the domestic market, retail distribution, trade infrastructure, and many other sectors will have to compete with products imported from the EU and other partners. We have to restructure all sectors, including industry, agriculture, trade, and services.”

The Ministry of Industry and Trade has pledged to continue to simplify administrative procedures for about 200 investment and trade regulations this year. The Department of Electronic Trade and Digital Economy is being asked to help businesses boost e-commerce in the domestic market.

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