HCMC – Exporters in Vietnam should pay more heed to a green economy to meet increasingly stricter requirements set by import markets, Minister of Industry and Trade Nguyen Hong Dien told a recent green export promotion forum.
Making green products will not only enable exporters to move closer toward their goal of sustainable development, but also help them expand their customer base, Dien said at the Vietnam Export Promotion Forum 2022, themed “Green Export Promotion”, held by the ministry and the European Chamber of Commerce in Vietnam (EuroCham) on November 28 in HCMC.
According to the trade official, the country’s import-export value in the year to October had improved 14% against the same period last year, at nearly US$620 billion. The figure is expected to reach US$750 billion by the end of the year, or a 16% year-on-year increase.
Despite these optimistic results, exporters in the country need to be keenly aware of challenges to the transition to a green economy, such as geopolitical tensions and fierce competition among large economies, increased inflation that forced many governments to tighten their fiscal and monetary policies, Dien advised.
Global supply chains are again at risk of disruption which could dampen export activity and local economic growth. Also, many importing countries have introduced strict requirements about environment and social responsibility for Vietnamese export items.
Local exporters are encouraged to change their mindset so as to achieve sustainability in exports. They need to adopt green growth strategies in operations, and to ensure that their product quality and packaging are improved to increase their competitiveness, Dien said.
Speaking at the event, Jean Jacques Bouflet, vice chairman of EuroCham Vietnam, said that Vietnam is among countries impacted by climate change and thereby need to focus on developing a green and sustainable economy.
The EuroCham vice chairman added that the free trade agreements that Vietnam had signed with other countries and regions featured commitments about green and sustainable development. EU consumers also prefer green products and the EU had set higher standards for imported products to promote a green economy. EuroCham pledged to support Vietnam in achieving the green growth goal.
Bartosz Cieleszynski, deputy head for trade affairs of the EU Delegation to Vietnam, suggested local exporters apply green technology to their operations, with a focus on Vietnam’s major export sectors including agriculture, forestry, and fishery, in addition to using input materials that meet sustainability and food safety requirements.