The Trade Outlook for Vietnam in 2024: Opportunities and Challenges for Businesses

On May 15, 2024, VietinBank will host a thought-provoking seminar in Ho Chi Minh City, titled "Decoding Markets: Seizing Opportunities for Vietnam's Foreign Trade." This exclusive event, held at the prestigious Nikko Saigon Hotel, promises to offer invaluable insights into the ever-changing landscape of international trade.

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The event brings together industry leaders and top importers and exporters, offering in-depth and up-to-date insights into the import-export market.

The program delves into three main topics of interest to importers and exporters: Macroeconomic factors influencing import and export sectors, predicting domestic interest rate and exchange rate fluctuations; ESG barriers of major markets for Vietnamese products and the transition roadmap and technical solutions for businesses to comply; and Import and export activities with the Chinese market: opportunities, potential, and considerations.

In 2024, in addition to leveraging existing Free Trade Agreements (FTAs), the conclusion of negotiations and implementation of new FTAs with markets such as Israel and the UAE will further boost trade, investment, and especially exports from Vietnam. The strengthened and upgraded relationships with major partners like China, the US, and the EU have laid the groundwork for expanded economic, trade, and investment cooperation, with import and export activities successfully diversifying markets. Notably, the past year witnessed the effective unblocking of exports to China, ensuring the smooth flow of goods even during peak seasons, contributing to increased export turnover to the Chinese market.

While trade cooperation between Vietnam and other countries has improved, two-way trade turnover has not yet matched the actual potential of the parties involved. Additionally, major export markets for Vietnam, such as Europe, have introduced numerous ESG regulations, including strategies for circular and sustainable textiles and clothing, and carbon import tax regulations and adjustment mechanisms. These regulations present challenges for Vietnamese exporters, requiring them to develop transition roadmaps and technical improvements to meet these standards.

For Vietnamese import and export goods to access markets more effectively, businesses need to formulate specific strategies for each type of product, catering to the needs of different groups of countries, while taking into account macroeconomic conditions, interest rate and exchange rate fluctuations, and ESG regulations for Vietnamese export products.

For these reasons, the 2024 Import and Export Outlook seminar aims to support Vietnamese businesses in accessing important information and policies that directly impact their operations and help them seize international trade opportunities.

Additionally, the seminar program is designed to offer new perspectives on the import-export market:

– Networking and Learning Opportunities: The seminar provides a platform for experts, entrepreneurs, and business administrators to connect, exchange ideas, and share experiences in decision-making and management.

– Enhanced Market Outlook Understanding: Attendees will gain a deeper understanding of market information, including opportunities and challenges, to support their business management and create value for their organizations.

– Building Connections and Collaborations: The event facilitates relationship-building, cooperation, and linkages among businesses, organizations, and individuals with shared goals across various industries.

Interested customers can contact their serving branch or register here. For more information, please contact your nearest transaction point or our hotline 1900 558 886 (dedicated for corporate customers).