Vietnam - a rising star in global trade: expert

From being a minor player in global exports before 2013, Vietnam has soared to the 11th spot among the world's top 15 exporters by 2023.

The country is considered a surprising factor in global trade, according to Ms. Phung Thi Lan Phuong, a senior expert at KTP Investment & FTA Consult Co., Ltd.

Vietnam is one of the four countries, along with India, Canada, and China, that have experienced the fastest average annual export growth from 2019 to 2023. Moreover, it ranks 15th worldwide in terms of import value.

This remarkable achievement, as noted by Ms. Phuong, stems from the strong economic integration efforts and the determination made by the Vietnamese Government.

As of October 2024, Vietnam has signed 17 free trade agreements (FTAs) and has positioned itself as one of the most open economies globally, engaging with nearly 60 partners.

These FTAs have elevated Vietnam's position, prompting significant upgrades and changes to its domestic legal regulations. The benefits from the FTAs include increased export turnover through reduced tariffs, lowered trade barriers, and easier market access.

"We are ready to leverage external forces to drive internal reforms. Although the initial stages are challenging, in the long run, FTAs will bring comprehensive renewal for Vietnam. Additionally, FTAs continuously attract foreign direct investment (FDI) to Vietnam, creating jobs for workers," she emphasized.