Post by : Shakul
Chairing a national conference, Vietnam's Standing Deputy Prime Minister Pham Gia Tuc emphasized initiatives to bolster exports aimed at achieving a double-digit growth rate for the economy. Officials disclosed that the nation's export turnover reached US$239.9 billion by mid-June 2026, marking a significant 21.4% increase over the previous year, despite ongoing global economic challenges. There is a pressing need to enhance local industries, boost competitiveness, and penetrate new international markets.
Sustained Export Growth Amidst Global Issues
Despite hurdles such as rising logistics costs and stricter international trade standards, sectors like electronics, mobile phones, footwear, seafood, and agriculture remain key drivers of export growth. However, officials highlighted that the domestic business landscape accounts for a limited share of overall exports, underscoring the importance of developing local industry.
Measures to Support Export Businesses
In response to these challenges, business associations have urged the government to streamline customs processes, cut administrative expenses, and enhance digital trading infrastructure. Furthermore, support in fulfilling international standards related to environmental impact, product tracking, and supply chain requirements is crucial for these businesses. Officials concurred that expedited reforms and improved trade predictions will be pivotal in maintaining global competitiveness.
New Government Initiatives Launched
Deputy Prime Minister Pham Gia Tuc has instructed ministries to advance regulatory reforms, promote a digital transformation, and enhance logistics infrastructure. He also called upon businesses to leverage free trade agreements, increase local manufacturing, and expand exports to regions such as Africa, the Middle East, and Latin America to mitigate reliance on established trading partners.
Importance of Export Diversification
Expanding into untapped markets and enhancing domestic production capabilities are crucial for Vietnam's economic stability. The government is confident that fostering supporting industries, encouraging technological advancements, and strengthening local manufacturing will improve the competitiveness of Vietnamese products while lessening dependency on imports.
Vietnam’s Commitment to Sustainable Export Growth
With a focus on digital shifts, eco-friendly production, improved logistics, and ongoing policy reforms, Vietnam aims to bolster its export performance. The government anticipates that increased collaboration among businesses, industry groups, and public agencies will facilitate sustainable export growth and contribute to the nation’s broader economic development objectives.
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