According to the Ministry of Industry and Trade, the international situation in 2022 will have many complicated developments, such as energy crisis, high inflation, tight monetary policy, continued interest rate hikes in many countries… but trade exchanges between Vietnam and the Europe-America region prospered despite complicated fluctuations.

GROWTH IN MAJOR MARKETS

Data from the Ministry of Industry and Trade shows that the import-export turnover between Vietnam and the Americas region registered very positive growth at US$153.9 billion in 2022, up 10.7% year-on-year $128.2 billion, up 12.4%; imports reached $25.7 billion, up 3%.

In which trade with all major markets in the region recorded stable growth, such as the United States (11%), Brazil (6.6%), Canada (16.5%), Mexico (7.1%), Chile (9%), Argentina (8.3%).

For the US market, the total bilateral trade turnover will reach about US$123.86 billion in 2022, up 11% from 2021, of which Vietnam exports US$109.4 billion to the US, an increase of 13.6 % is equivalent to.

For the market area of ​​CPTPP countries, thanks to the positive effects of CPTPP free trade agreements and Vietnam-Chile Free Trade Agreement (VCFTA), the import and export turnover between Vietnam and the EU Canada, Mexico, Chile and Peru will be 15.2 in 2022 reach USD 1 billion, up 10.9% from 2021, of which Vietnam’s exports to this group of countries will reach USD 13.1 billion, up 8.7%; Imports reached US$2.1 billion, up 26.9%.

Another important market area, the MERCOSUR block (including Brazil, Argentina, Uruguay and Paraguay) also saw two-way trade turnover in 2022, growing by 9.2% over the same period, reaching more than USD 12 billion. In that, exports reached more than US$3.3 billion, up 3.4%, imports reached US$8.7 billion, up 11.6%.

For other markets in the region, bilateral trade turnover also showed a good growth rate: Central America increased by 29.2% (to USD 1.12 billion), Andean Community countries by 12.9% (to USD 1.1 billion) .

CONTINUOUS PROMOTION OF SUPPORTING COMPANIES THAT EXPLAIN THE MARKET

Although Vietnam’s exports to markets in the Americas region have shown good growth, experts believe that the contribution of the FDI corporate sector to the overall export value is still crucial.

The processing percentage in the export products of Vietnam’s domestic industrial sector to America is not high, mainly raw and frozen products are exported, resulting in added value of products.Product is not high.

In addition, the difficulties and obstacles in accessing the American market are due to geography, since it is a geographically distant area, which increases transport costs and times. Additionally, companies also face challenges related to market standards, particularly for the North American markets.

On the other hand, Deputy Minister Do Thang Hai stressed that 2023 will continue to be a challenging year. In the context of geopolitical conflicts, trade remains tight, global inflation; risk of investigation and imposition of anti-dumping duties on Vietnam’s export products; fierce competition in the market.

Therefore, according to Mr. Hai, the Europe-US market department must closely monitor the market situation, advise and propose cooperation frameworks and solutions to maintain and develop the market; focus on research, analysis and updated reports on political changes in countries in the region that are likely to affect Vietnam’s economy and trade.

From there, forecast various scenarios and suggest appropriate strategies for economic and trade cooperation. Better promoting the advisory role in aligning domestic manufacturing organizations to market needs and changes.

Based on the results achieved, in 2023, the Europe-America Market Division should further promote the implementation of free trade agreements and other frameworks for economic and trade cooperation with countries in the region; Research, advice, negotiation and signing of new bilateral and multilateral cooperation mechanisms.

Mr. Ta Hoang Linh – Director of Europe-US Market Department, said that in 2023, the department will promote work to support enterprises to make good use of the market by diversifying activities to serve enterprises; good management and coordination with the system of Euro-American trade offices to continue to effectively implement business support in the local and part-time markets.

At the same time, the department also continues to focus on connecting and maintaining the supply of raw materials for the domestic manufacturing industry and connecting investments, especially in the fields of high technology and nuclear technology.

In addition, other activities will be explored to support Vietnamese companies in their efforts to invest and develop in foreign markets so that they can penetrate deeper into the markets of the countries in the Euro-America chain.