HANOI: Vietnam considers trade facilitation, technical barriers reduction and improving products' quality among key tasks to diversify export markets amid multiple external challenges, as per local reports on Friday.
Vietnam's scale of economy is still modest with limited resilience and competitiveness, therefore it is crucial to avoid the global recession, local newspaper Bao dau tu (Investment) reported, citing Prime Minister Pham Minh Chinh at a meeting, quoted by Xinhua.
Noting that external factors have led to lowering demand and decreasing production in Vietnam, he said: "It is important to diversify exports and supply chains while developing a resilient and self-independent economy and increase demand for the domestic market of nearly 100 million people."
Minister of Industry and Trade Nguyen Hong Dien said that a range of measures are needed to facilitate production and exports, including diversifying export markets, taking advantage of 15 free trade agreements that are in effect and updating new regulations from buyers.
"Companies should further accelerate diversifying market and avoid overreliance on traditional markets," he said at the meeting held on Friday.
Though accounting for small share of Vietnam's export, northern Europe and Latin American markets still have much room for growth. With proper approach, Vietnam's products can increase their presence in these markets, he added.
The Vietnamese manufacturing sector continued to face challenging business conditions in January this year with declining production and new orders, according to a report by S&P Global (NYSE:SPGI) Market Intelligence.
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