The powerful head of the world’s largest economic organisation says many critical supply chains remain vulnerable as the pandemic continues, so Australia and other countries must look beyond traditional allies to diversify trade, even as relations with China continue to thaw.

Vietnam’s Ministry of Planning and Investment (MPI) and the US Mission to Vietnam, through the US Agency for International Development (USAID), on November 22 announced a new initiative to spur private sector-driven sustainable and inclusive growth across Vietnam.

The Ministry of Industry and Trade (MoIT) recently sent a delegation of 20 Vietnamese businesses to South Africa to scope out the market.

The International Monetary Fund has forecasted China's economy to grow at 3.2 percent in 2022, then rise by 4.4 percent for the next two years as the country's growth remains under pressure following an "impressive" recovery from the pandemic's initial impact.

President Yoon Suk-yeol, center, speaks during a meeting attended by nine government ministries at Korea Trade-Investment Promotion Agency (KOTRA), in Seoul, Wednesday.

Vietnamese organic farming products are exported to about 180 countries and territories, with an export turnover of $335 million per year.

Several export businesses are facing a severe crunch of orders, especially in textiles, garments, footwear, and furniture.

Vietnamese goods enjoy many advantages in the UK market, but Mr. Nguyen Canh Cuong, Commercial Counselor, Vietnam Trade Office in the UK said that this competitive advantage does not last forever.

Four out of every 10 Vietnamese businesses have gained some benefits, including in import-export, from the Vietnam-EU Free Trade Agreement (EVFTA), according to a survey of VCCI.

Vietnamese exporters must quickly increase their market share in the EU's agricultural import market before the EU signs an FTA with competitors.