Breakthrough solutions to help businesses reach new markets

According to Vice President of the Vietnam Federation of Commerce and Industry (VCCI) Hoang Quang Phong, with the comprehensive results achieved in the past 7 months, Vietnam's economy is entering a period of accelerated development, aiming for a full-year growth target of 8.3 - 8.5%.

Many international organizations continue to highly appreciate and make positive forecasts about Vietnam's GDP growth in 2025. In particular, the promotion of traditional growth drivers is one of the notable bright spots.

Total registered FDI capital in 7 months reached nearly 24.1 billion USD, up 27.3% over the same period; total retail sales of goods and consumer service revenue in 7 months increased 9.3% over the same period.

In particular, import-export activities recorded a strong increase with a record export level of 42.26 billion USD set for the first time in July. This figure contributed to raising the total export turnover in 7 months to 262.44 billion USD, an increase of 14.8% over the same period last year.

Over the past 7 months, over 174,000 businesses have entered and re-entered the market with a total registered capital added to the economy of over 3.3 million billion VND, up 93.7% over the same period, and nearly 536,200 newly established business households, up 165%.

However, to reach the growth target of over 8%, the challenge for the remaining months of this year is not small.

At the forum, Dr. Nguyen Van Hoi - Director of the Institute for Strategy and Policy Research on Industry and Trade ( Ministry of Industry and Trade ) emphasized the key role of free trade agreements (FTAs) in expanding export markets, especially for Vietnam's key products.

The RCEP Agreement focuses on trade facilitation with a 15-20 year tariff liberalization roadmap, forecast to contribute 0.5% to 1% to GDP growth.

CPTPP opens up more strongly, reducing 97%-100% of tariff lines for up to 11 years, helping GDP increase by 1%-2%. EVFTA has a deep commitment, reducing almost all tariffs for a period of 0-7 years, with an even more positive impact when expected to increase GDP by 2%-3%.

Sharing the perspective of EU businesses entering Vietnam, Mr. Nguyen Hai Minh - Vice President of the European Chamber of Commerce in Vietnam (Eurocham) said that Vietnam has been rapidly emerging in recent times, becoming a leading destination for many EU investors.

Trade tariff advantages, together with participation in FTA agreements, create a solid foundation for bilateral economic cooperation. In addition, from now until the end of the year, many high-level visits will be held, emphasizing the determination to promote Vietnam - EU relations.

At the forum, representatives of ministries, sectors, economic experts, scientists and businesses frankly discussed and analyzed existing problems and challenges; proposed solutions that need to be implemented by State and local management agencies to resolve difficulties and bring Vietnamese branded products to many new markets.

Source: https://hanoimoi.vn/giai-phap-dot-pha-ho-tro-doanh-nghiep-tiep-can-thi-truong-moi-712652.html