The fragile recovery of global trade amid geopolitical tensions and rising protectionism intensifies the need for World Trade Organization (WTO) reform and mutual rules for international trade. Comprehensive reform, digital regulation, policy coherence and improvements to supply chain resilience need to be achieved through public–private collaboration. There is an urgent need to reform the WTO to address 21st-century challenges, particularly through digital trade facilitation and supporting developing economies in fulfilling their trade commitments.

Export turnover to most major markets and trade partners has seen a strong recovery and high growth rates in the past five months, reaching double digits.

Minister of Foreign Affairs Bui Thanh Son has affirmed that Vietnam always considers the US a partner of strategic importance at a reception for visiting US Assistant Secretary of State for East Asian and Pacific Affairs Daniel J. Kritenbrink.

Vietnam has become the 5th largest tuna exporter on the world tuna export ranking, businesses expect that tuna exports will recover and hit the US$1 billion in 2024.

Data from the General Department of Vietnam Customs show that the Vietnamese-Italian trade value hit US$2.3 billion in the first four months of 2024, a year-on-year increase of 14 percent.

According to Ms. Trinh Thi Huong, Deputy Director of the Department of Enterprise Development, Ministry of Planning and Investment, Vietnam has nearly 900,000 operating businesses and over 90% are small and super small. However, according to the survey, the majority of businesses are not ready for digital transformation and do not know where to find support channels for digital transformation.

Despite calls for inward economic strategies due to the perceived vulnerability of integrated supply chains, access to international markets has proven to be a form of insurance in times of crisis, responding quickly and efficiently to COVID-19 and energy trade disruptions. But the flexibility of global supply chains relies heavily on the rules of the WTO, which require updating to address issues in the digital economy and other areas that are presently insufficiently governed by global disciplines.

Vietnam is expected to see robust growth in the next 5 -10 years, opening more investment opportunities for foreign investors, including ones from Singapore, in all sectors, said insiders.

Trade has been a bright spot in the Vietnam-Cambodia relationship, experiencing impressive growth over the past more than a decade and expected to reach 20 billion USD.

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.