Shrimp is processed for export at Thong Thuan Company in Ninh Thuan province. (Photo: VNA)
Non-tariff measures included in free trade agreements (FTAs) were the highlight of a seminar held in central Da Nang city on October 29.
Participating economists agreed that joining a range of FTAs will help Vietnam meet new opportunities, particularly preferential tariffs for export and a flow of foreign investment. Domestic business, however, will face tougher technical and origin barriers, including those concerning specific packaging-labelling-marking and product quality.
Deputy Director of the Central Institute for Economic Management (CIEM) Vo Tri Thanh said Vietnam could capitalise on the recently-signed Trans-Pacific Partnership (TPP), as bloc members such as the US, Japan and Australia are expanding their import markets for agricultural produce, garment-textiles, woodwork products and footwear.
The US contributes half the value generated by Vietnam’s garment-textiles shipped abroad. After the TPP, current 17.3 percent tariffs issued on the goods will be eliminated.
China, Japan and the Republic of Korea are also prominent partners of Vietnam with bilateral trade revenues reaching 13.3 billion USD, 13.7 billion USD and 6.6 billion USD in 2013, respectively.
Nevertheless, export turnovers recorded with the three markets have fallen short of their potential, said Dang Thanh Phuong, an expert from the European Trade Policy and Investment Support Project (EU-MUTRAP).
She pointed to technical specifications as reasons behind the underperformance, because the local criteria are largely under common standards. Many export companies are small-scale and have inadequate competencies to fulfil the requirements of foreign importers.
To improve capacity, domestic enterprises ought to expand export markets and overhaul their production from the materials selection and processing to packaging and shipping. Research and development units are necessary for large enterprises to make their products eligible for export despite non-tariff barriers.
Standard technical system needs to be devised while export criteria set by import nations should become more accessible.-VNA
Tran Huu Huynh, head of the Vietnam Chamber of Commerce and Industry (VVCI)'s Advisory Committee on International Trade Policies, tells Hai Quan (Customs) that local enterprises should unite and practise an open management policy to remain competitive.
International credit rating agencies on October 12 said the Trans-Pacific Partnership (TPP) deal was credit positive for participating sovereigns including Vietnam.
Economists have called for improving the business climate, fine-tuning market economy regulations and increasing dialogues with businesses in anticipation of the TPP reached on October 5.
The Vietnamese economy will likely expand more than 6 percent annually over the next few years thanks to continued export resilience and ongoing reform measures by the government.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Despite global economic uncertainties, Binh Duong has maintained strong momentum in both exports and industrial production during the first half of 2025.
Shrimp is processed for export at Thong Thuan Company in Ninh Thuan province. (Photo: VNA)
