Trade between Vietnam and Poland, especially consumer goods and beauty care products, have ample room to grow, heard a seminar held by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) on November 23.

Tens of thousands of workers have lost their jobs due to the shortage of export orders, and the figure may surge if export markets do not recover soon, businesses fear.

While the United States is nearing a stance on imported wood that will affect Vietnam, domestic producers are being urged to modernise to survive.

“Trade can play a central role in driving progress towards a low-carbon global economy. But harnessing the potential of trade will demand new policies and more cooperation.”

It is forecasted that an additional 146,000 jobs will be made for 2022-2025, thanks to the EU-Viet Nam Free Trade Agreement (EVFTA) implementation.

Many manufacturing enterprises, especially in textiles and garments, footwear, and furniture, in Ho Chi Minh City, Binh Duong and Dong Nai are under great pressure because of the decrease in export orders. As a result, some businesses have had to close production lines, stop production and lay off workers.

Vietnamese companies must understand trends in the EU consumer market, which is undergoing a significant shift towards green and clean goods that meet international labour and environmental standards.

Competition heating up to corral chip technologies

China is expected to stay the largest export market for Vietnamese pangasius this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The EU-Viet Nam Free Trade Agreement (EVFTA), the first trade deal between the two sides, is likened to a significant "highway" directly connecting the Vietnamese economy with the 27 EU economies.