Vietnam is increasingly seeing more key export products reach billion-dollar export turnover. According to experts, a strategic approach is needed to ensure the sustainable development of these key industries.
Diversifying export markets to avoid dependence on any single market is widely regarded by experts as the most urgent measure for implementing a strategy to develop export markets for Vietnam’s key product sectors.
Experts warn that Vietnam remains heavily dependent on several major export markets. Therefore, when these countries face economic crises or change their import policies and tariffs, Vietnam’s export activities could face significant shocks, or even the risk of disruption.
Commenting on the issue in VTC News, National Assembly Deputy Nguyễn Quang Huân, Vice Chairman of the Vietnam Association of Private Entrepreneurs and Chairman of the Board of Directors of Halcom Vietnam JSC, gave an example: If Vietnam’s key export products become overly dependent on a major market such as the United States, they could face significant risks when the country makes sudden changes to its policies or tariffs. Any disruption to the export process of these products could have a serious negative impact on the overall export performance of the economy, as well as on efforts to develop export markets for Vietnam’s key product sectors.
“It is not only the United States; any market could change its policies amid rising global trade tensions. This could directly affect the long-term profitability of businesses and the economy as a whole. Therefore, it is imperative to quickly diversify export markets,” Deputy Huân warned.
Deputy Huân recommended that Vietnam negotiate and sign more trade agreements with other countries to expand market access and reduce dependence on a few major markets, thereby stabilizing export opportunities.
For the full details, please read the complete article published by VTC News.