Politics · Vietnam Bureau
Vietnam's deputy PM pushes trade diversification amid record export surge
As Vietnam posts consecutive monthly trade surpluses and total trade exceeds $1 trillion in the first ten months of 2024, senior government officials are calling for broader market diversification and improved trade governance frameworks.
LSN Vietnam ·
Vietnam's deputy prime minister has urged policymakers to prioritize export-import market diversification and strengthen trade governance mechanisms, even as the country achieves record trade performance this year.
The remarks come as Vietnam has recorded its second consecutive monthly trade surplus in October and seen cumulative trade volume surpass the $1 trillion mark through the first ten months of 2024. Despite the strong headline figures, officials warn that relying on existing markets presents risks to long-term competitiveness.
The deputy PM emphasized the need for timely resolution of trade and tariff issues, alongside effective strategies to manage trade imbalances with key partners. Authorities are also directing relevant agencies to review and refine draft trade governance policies to ensure balanced approaches that account for both trade surplus and deficit dynamics.
The push for market diversification reflects Vietnam's strategy to reduce dependency on traditional trading partners and build resilience into its export sector. Officials stress that strengthening trade governance frameworks is essential for sustaining the country's competitive edge as global trade patterns shift.