The 13th National Assembly’s (NA) sixth session adopted a resolution setting 10% export growth and 6% import surplus targets for 2014.
Industry and Trade Minister Vu Huy Hoang admitted the difficult challenge demands great efforts from ministries, sectors, associations, and the business community.
Positive domestic and international economic sings promise a wealth of opportunities for export growth in 2014.
20% export growth for 2014
The Hong Kong and Shanghai Banking Corporation (HSBC) foresees a bright future for export-oriented businesses.
Its latest report predicts 2013’s 15.4% Vietnamese export growth rate will surge to 20 percent in 2014, an acceleration reflected in an expected 5.6% GDP growth rate compared to 2013’s 5.4%. A 9.9% rise in disbursed FDI and positive trends in pledged FDI shores up the case for export optimism in 2014.
Minister Hoang said the Ministry of Industry and Trade (MoIT) is pushing for the early signing of free trade agreements (FTAs) negotiated to expand Vietnamese export markets.
Chile—a Latin-American gateway
Vietnamese Trade Counselor to Chile Tran Dinh Van is equally confident a boon year awaits Vietnamese goods on foreign markets.
Newly elected Chilean President Michelle Bachelet laid foundations for the Vietnam-Chile Free Trade Agreement that Vietnamese exporters consider an entry point to Latin America.
Chile already exempts a significant proportion of Vietnamese products from import tariffs— footwear, handicrafts, fertilizers, furniture, and household utensils—after the FTA entered into effect from January 1, 2014.
Last year, Chilean investment gravitated towards regional trade centre and supermarket construction in Mexico, Peru, and Colombia.
Chilean supermarkets can import products directly from Vietnam before shipping them on to outlets in other nations.
Chile leads Latin America in foreign investment. Van says Vietnamese commodities with firm Chilean footholds will be able to enter other Pacific Alliance markets and their neighbours.
Vietnamese goods attract EU, US markets
Minister Counselor to Belgium and Luxembourg Vu Ba Phu thinks the EU’s gradual recovery can stimulate both intraregional and extraregional export growth.
The EU popularity of Vietnamese electronics, telephones, garments and textiles, and leather and footwear continues to grow.
The EU views Vietnam as an important partner within ASEAN, a potential export and investment destination, and a bridge to other ASEAN economies.
Phu said finalising the EU-Vietnam FTA will help Vietnam attract more foreign investment, enhance its competitiveness, improve the effectiveness of human resources, and inspire industry dynamism.
Vietnamese Counselor for US Trade Dao Tran Nhan expects the US to remain a key 2014 market for Vietnamese export commodities such as seafood, garments and textiles, and footwear.
Businesses should be more active
According to Minister Hoang, matching 2014’s ambitious export targets will require domestic businesses to focus on developing new products tailored to international consumer demands. Proper export strategies are paramount.
Vietnam should take advantage of its globally competitive commodities with high added value, such as seafood, farm produce, garments and textiles, and electronics.
While export market expansion would be welcomed in China, the Republic of Korea, ASEAN, and India, businesses must also realise the potential of emerging Russian, Eastern European, African, Middle Eastern, and Latin American markets.
All businesses should proactively stay up to date on global market developments.
Trade counsellors have asked Vietnamese businesses to step up their mutually beneficial cooperation with foreign partners. Strengthening links with Vietnamese trade offices abroad will help keep them abreast of changes to national import policies and provide a line of support during any unforeseeable problems.
