Taking advantage of the EU-Vietnam Free Trade Agreement (EVFTA), Vietnamese wood-processing enterprises are heading to the European market to reduce their dependence on traditional markets like the US and the Republic of Korea.
At a Vietnam-UK business networking event held earlier this month, premium plywood and formwork panels for construction and furniture manufacturing were introduced to European customers. As Vietnamese products increasingly meet stringent requirements, including regulations on deforestation prevention and timber traceability, expanding into new markets offers businesses greater opportunities to secure stable orders. Their efforts have been strongly supported by Vietnam's representative agencies overseas, according to Nguyen Cong Danh, Chairman of Fomex International Joint Stock Company.
“"We’ve received enthusiastic and effective support from the Trade Promotion Agency of the Ministry of Industry and Trade, the Vietnamese Trade Office, and the Vietnamese Embassy in the UK. Their assistance has enabled us to gain a deeper understanding of the market and its business culture," Mr Danh said.
Economic diplomacy has benefited other industries, including seafood, of which about 90% of production is destined for export markets. As new technical and trade barriers continue to be imposed, economic diplomacy has helped address challenges.
Le Hang, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), says: "Economic diplomacy, in line with Resolution 6, plays a crucial role. As technical barriers continue to emerge, the Ministry of Foreign Affairs and the Ministry of Industry and Trade have worked closely together on diplomatic efforts and negotiations to address these challenges."
Economic diplomacy has played an important role in maintaining Vietnam’s share in traditional export markets. Resolution 6 calls for strategic breakthrough to penetrate new potential markets for fresh growth momentum.
Do Quoc Hung, Acting Director General of the Foreign Markets Department of the Ministry of Industry and Trade, says: “We need to further expand exports to other promising markets, particularly Latin America, where annual import demand exceeds 400 billion USD. At present, Vietnam has accessed just 0.9% of that market."
With the support of economic diplomacy, Vietnamese products will have greater opportunities to expand into new export markets and become more resilient to fluctuations in global trade.
