An ITC expert delivered a report on Vietnam’s export situation and its untapped potential and put forward recommendations on five priority sectors—food, textile-garment, electronics, furniture and environmental goods.

Other areas like quality certification and standards, trade facilitation, sustainable development and digital transformation were suggested to be prioritised in the next phase of the strategy.

In the first stage of the strategy development, ITC has consulted MoIT, several other ministries and the private sector to produce in-depth assessment on Vietnam’s competitiveness in trade, said Alberto Armugo Pacheco, a member of the national export strategy development team.

ITC has been focusing on formulating separate strategies for each selected priority sector and area, he said, adding that the three largest hard-currency earners – electronics, textile-garment and footwear – account for up to 60 per cent of untapped potential, and therefore, can be viewed as priorities, according to a news agency report.

Other experts felt that agricultural processing and furniture, though having relatively low export potential index now, hold other advantages and that is why it is important to heighten their position in the market in the future.

Fibre2Fashion News Desk (DS)