Vietnam’s 2024 milestones pave the way for future growth
Vietnam is recognised as one of the world’s bright spots in seizing opportunities from newly formed supply chains, thereby generating new growth momentum for its economy.
Import and export of Vietnamese goods at Hai Phong port. (Photo: VietnamPlus)
Hanoi (VNA) - ✅Vietnam is recognised as one of the world’s bright spots in seizing opportunities from newly formed supply chains, thereby generating new growth momentum for its economy.
Exports and imports were one of the highlights of the economy in 2024, hitting nearly 800 billion USD.
A key contributor to this achievement is Vietnam’s proactive international economic integration, market expansion, and efforts to connect local businesses with global partners.
One of the most significant milestones was the signing of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) within a record-breaking negotiation period of just 16 months.
This agreement has opened up major potential markets in the Middle East and Africa while advancing Vietnam’s global trade integration.
Luong Hoang Thai, Director General of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, highlighted Vietnam’s 2024 integration achievements.
Specifically, Vietnam has put the Vietnam-Israel free trade agreement into effect as well as signed the Vietnam-UAE free trade agreement. These deals are in the region where Vietnam previously had no free trade relations.
In addition to exploring new opportunities, an equally crucial task for Vietnam is to continue maintaining and effectively leveraging its traditional markets, which currently account for 80% of the country’s exports.
Luong Hoang Thai, Director General of the Multilateral Trade Policy Department under the Ministry of Industry and Trade (Photo: VNA)
For example, the G7 countries have invited Minister of Industry and Trade Nguyen Hong Dien to present to the World Trade Organisation (WTO) on how economies can capitalize on the recent trend of supply chain transformation, with Vietnam being recognised by the WTO as a standout example.
Similarly, Vietnam’s relationship with the US has been strengthened through the Indo-Pacific Economic Framework (IPEF). Alongside key partners like China and ASEAN, Vietnam continues to deepen ties and stabilise these markets.
In 2024, Vietnam signed two new free trade agreements (FTAs) in the Middle East. The first one is with the UAE, which serves as a central hub in the region and has significant potential in capital and logistics services. The UAE also acts as a major transshipment port, not only for the Middle East but also for North Africa, India, and beyond.
“This makes the UAE a strategic gateway that Vietnam is determined to unlock potential to maximize the connectivity opportunities between the two economies,” Thai said.
The second one is with Israel, which was implemented after a long period of negotiations and preparations.
Israel is considered one of the world’s success stories in terms of startups and innovation, offering a wealth of technological expertise that Vietnam can learn from, Thai said.
“Although the UAE is a relatively small export market, it is also a very good market if we can link to this economy.”
The signining of a Memorandum of Understanding between Vietnamese and Israeli businesses at the “Vietnam-Israel Economic and Business Forum” held in August 2023 in Hanoi. (Photo: Vietnamplus)
Looking ahead to economic and trade integration in 2025, Vietnam is expected to be among the biggest beneficiaries of global integration trends, according to Thai.
The significant shift of the global supply chains in recent years presents an opportunity for Vietnam. “By leveraging trends such as digital transformation and green transition, the country can accelerate its progress to a higher level,” Thai said./.
Enhancing the quality of the 16 free trade agreements (FTA) that Vietnam has signed with partners will be a helpful measure to aid domestic firms in facilitating exports in the coming time, according to experts.
Minister of Industry and Trade Nguyen Hong Dien has affirmed the determination to strengthen trade promotion and export to major markets, optimising free trade agreements (FTA), making full use of opportunities, and actively responding to challenges in 2024.
The free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), which comprises Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, has made important contributions to two-way trade between Vietnam and members of the union, representatives from the two sides said at a recent meeting.
Supporting localities in effectively exploiting benefits brought about by free trade agreements (FTAs) was the focus of a seminar held by the Cong Thuong magazine of the Ministry of Industry and Trade (MoIT) in Hanoi on October 31.
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