Expanding export markets thanks to advantages from FTA

Taking advantage of the Free Trade Agreement (FTA), many businesses in the province have invested in modern machinery, improved labor productivity, enhanced product quality, created competitive advantages and expanded export markets.

Vietnam Garment Manufacturing Company Limited (Ba Thien 2 Industrial Park) exports products to nearly 30 markets around the world . Photo: The Hung

As of October 2024, Vietnam has signed and implemented 17 FTAs ​​with more than 60 partners around the world. This is an opportunity for businesses to take full advantage of incentives, participate in the global commodity value chain and increase exports.

To effectively implement FTAs, the province has directed departments, branches and localities to promote propaganda and dissemination of FTA contents and policies, especially new generation FTAs ​​that Vietnam has signed such as the Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP), the Free Trade Agreement between Vietnam and the European Union (EVFTA), and the Vietnam - United Kingdom Free Trade Agreement (UKVFTA).

Actively coordinate with ministries and branches at the central level to promptly review, concretize and perfect regulations and policies to support businesses; support the search for import and export information related to FTA partners with Vietnam and potential markets, helping businesses change their method of supplying goods, in accordance with the requirements of the market supply chain in the new period.

Guide export enterprises to enjoy tariff incentives of effective FTAs ​​of which Vietnam is a member into the markets of China, ASEAN countries, Korea, Japan and markets of countries in the Eurasian Economic Union.

Taking advantage of opportunities brought by FTAs, businesses in the province actively invest in equipment, innovate production technology, diversify product designs, and expand export markets.

In the first 9 months of 2024, the total export turnover in the province is estimated at 13.05 billion USD, an increase of 12.58% over the same period. The export market focuses on 40 countries and territories around the world, in which the key markets are the EU, ASEAN, Japan, China, Korea, Russia, the United States, etc.

Taking advantage of opportunities from the Free Trade Agreement, electronic component manufacturing enterprises have expanded their export markets and participated more deeply in the global supply chain. Photo: The Hung

Pavana Technology Joint Stock Company (Thang Long Industrial Park, Vinh Phuc) is invested by CNCTech Group and MKGroup Corporation, specializing in researching, designing and manufacturing smart camera equipment.

To bring its products to the world market, the company has taken advantage of the FTA; recruited talented and experienced engineers who have held key positions in large corporations and companies in Vietnam such as VNPT, VINGROUP, VIETTEL, FPT, SAMSUNG, who are capable of designing and developing stages such as design, mechanics, circuit boards, embedded software, and application software.

Signed strategic cooperation agreements with many major domestic and international partners such as Qualcomm, VinBigData, Sky Light, Lumi, Ingenic, Ambarella to produce cameras according to orders. In particular, the company has applied VinCSS IoT FDO technology to produce high-end security cameras.

This makes Pavana one of the first businesses in the world to integrate FDO to produce smart security cameras with the highest level of security.

Mr. Nguyen Trung Kien, General Director of the company said: Taking advantage of opportunities from FTAs ​​not only helps businesses expand their product consumption markets but also contributes to improving competitiveness, especially in the current volatile international market context.

With a capacity of 6 million cameras/year, most of the company's camera products are currently exported to the US and European markets. The company is researching and developing smart camera lines using artificial intelligence for cars, buses and security monitoring in factories and large urban areas.

Faced with fluctuations in the world economy, to continue effectively exploiting FTAs ​​and increasing the export proportion for businesses, the province will organize specialized training courses for officials working in international integration.

Thereby improving the effectiveness of FTA implementation; promoting domestic and foreign trade promotion programs, especially FTA markets, to support businesses in introducing and promoting products and finding partners, promoting cooperation and export opportunities.

Strengthening information and forecasting of new market situations, policies and regulations to help businesses respond promptly and develop appropriate production strategies; regularly exchanging and understanding difficulties and problems in each export industry to find solutions and promote export activities.

Mai Lien

Source: https://baovinhphuc.com.vn/Multimedia/Images/Id/119371/Mo-rong-thi-truong-xuat-khau-nho-loi-the-tu-FTA