According to the Ministry of Industry and Trade, Vietnam has made effective use of the FTAs to promote its production and trade, with a trade surplus of 16.5 billion USD as of July.

Goods transportation at Gemalink port in Ba Ria-Vung Tau province.

However, experts held that in order to secure long-term and stable development, domestic firms should further broaden their market and strengthen investment in enhancing the quality of the products and services for higher competitiveness.

Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration under the Vietnam Chamber of Commerce and Industry (VCCI) said that there are still many obstacles hindering Vietnamese firms from accessing preferential tax rates as well as new markets.

Trang underlined that along with the problems in competitiveness, business environment, information shortage on FTA commitments, domestic enterprises have also had difficulties in implementing FTA requirements regarding origin or suffered from disadvantages under some commitments under FTAs.

She advised businesses to take immediate actions to seek partners, adjust their production procedures to meet requirements in product origins and carefully study tariff commitments and conditions to enjoy the advantages in each FTA.

Meanwhile, To Ngoc Son, Vice Director of the Asian-African Market Department under the Ministry of Industry and Trade said that domestic firms are enjoying many import-export chances, especially when China has reopened its market and there is plenty of room for them to enter other markets such as Hong Kong and Taiwan (China), Japan and the Republic of Korea.

However, Son also pointed to difficulties and challenges facing the business community, including strict requirements for farm produce in foreign markets and fierce competitions from other countries, as long as surging transport costs.

He advised domestic companies to focus on building their trademarks, strengthening the promotion of their products, applying advanced technologies in product processing, packaging and preserving activities. He also stressed the need for them to diversify trade promotion activities, while actively explore technical standards and define obstacles facing them in particular markets.

More business conditions need to be removed to create momentum for enterprises

Besides reducing business conditions, a number of ministries and sectors have continued to issue and enforce new business conditions with stricter requirements that cause difficulties for enterprises, said Deputy Minister of Planning and Investment Tran Duy Dong.

Bac Giang timely supports businesses to increase PCI

(BGO) - The assessment result of annual provincial competitiveness index (PCI) in Bac Giang province is based on the total score of 10 component indexes. The "Business Support Policy” index is considered an important indicator helping enterprises boost production and business to increase revenue. The relevant departments and sectors have focused on implementing this index, gradually creating satisfaction for businesses.

Vietnam’s new businesses up 4.3% in July

The number of newly established enterprises in July was estimated at 13,700, up 4.3% from a year ago, according to the General Statistics Office.

Businesses get support in labour employment

(BGO) – In the last 5 months of 2023, the businesses in Bac Giang province want to employ 70,000 labours more, reported the Department of Labour, Invalids and Social Affairs (DoLISA).

Bac Giang province supports business in labour employment

(BGO) – Chairman of the Bac Giang provincial People’s Committee (PPC) has issued document about labour employment support to facilitate businesses during employment for business and production demand.

Source: VNA