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Vietnam buoyant exports lay firm foundation for 2018

Vietnam buoyant exports lay firm foundation for 2018

HANOI: Vietnam’s export revenues rose by over 21% last year to hit approximately US$214 billion, providing a solid foundation for even better results in 2018. Such a strong performance helped Vietnam record a trade surplus of US$2.7 billion, the highest figure in more than a decade. It came partly as a result of the government’s flexible policies, bold efforts to deal with the difficulties facing enterprises and a slew of trade promotion activities. Experts say that local exporters will encounter a great deal of hurdles from continued global uncertainties and growing protectionism, as manifested in more and more anti-dumping cases against Vietnamese goods. As for Vietnam’s trade missions abroad, it is advised that they organise more trade promotion events, hold direct talks with Vietnamese exporters and major foreign retailers to advertise Vietnamese goods and seek export opportunities.

As a key factor dictating the success of exports, quality needs further improvement by pushing the formulation and application of national quality control standards in harmony with international and regional criteria. The authorities concerned should educate local exporters on the specific rules enforced in major export markets that could potentially become obstacles to Vietnamese goods. For their part, exporters need to customise their products to meet the market demands and proactively adjust their supply chains so that the final products will meet the rule of origin and take advantage of preferential tax rates laid down in Vietnam’s trade pacts with other economies.