Vietnam to continue focus on Northeast Asian markets to boost exports

While exports to China reached $61.2 billion at the end of last year, a bright spot while other export markets were declining. Exports to Japan and South Korea declined by 4 per cent and to Taiwan by 7 per cent.

As this year began, the ministry thought that it was necessary to push exports further and explore deeper in the region and remove any barriers for the business community. So Northeast Asia witnessed a more visible export push in the first months this year.

The ministry is offering market information guides on how to access the markets of Northeast Asian countries and has also organised conferences to promote advantages of existing free trade agreements, according to a domestic media report.

Vietnamese businesses also received government assistance to connect with domestic and foreign trade organisations to boost exports.

The total trade turnover between Vietnam and countries in the Northeast Asian region reached over $112 billion in the first four months this year—an increase of 16 per cent over the same period last year.

Exports to China, South Korea, Japan, Taiwan and Hong Kong increased by 14.3 per cent, 8.8 per cent, 3.2 per cent, 20 per cent and 59 per cent respectively during that period.

ALCHEMPro News Desk (DS)