Phuc Sinh JSC, based in Ho Chi Minh City, has exported 50 containers of coffee, pepper, cashew nut and other products to Europe, the U.S. and the Middle East in early 2023.

The company shipped abroad about USD 50 million worth of goods to Europe in 2020 and USD 63 million in 2021, which grew some 30% last year.

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It is among the hundreds of domestic firms that are effectively utilizing the FTAs, contributing to raising Vietnam’s agro export revenue to over USD 53 billion in 2022.

Chairman and General Director of Phuc Sinh JSC Phan Minh Thong noted that with tax incentives, the deals will help Vietnamese goods compete with those from other countries despite difficulties forecast for this year as many major importers are expected to face inflation.

Import-export was Vietnam’s bright spot in 2022, hitting a record of around USD 730.2 billion, of which USD 371.5 billion came from export, statistics show.

Notably, thanks to the E.U. - Vietnam Free Trade Agreement (EVFTA), garment-textile exports to the E.U. reached USD 4.46 billion, representing a year-on-year rise of 34.7%.

The sector is projected to rake in USD 47-48 billion this year, which is within its reach as the FTAs will accelerate the relocation of investment from other countries to Vietnam, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Minister of Industry and Trade Nguyen Hong Dien also held that the agreements will further prove their role this year as the market share of many key exports still remains limited in foreign countries.

Source: VNA