Permanent Deputy Foreign Minister Nguyen Minh Vu on May 22 chaired a meeting between the Steering Committee for Economic Diplomacy and representative agencies of Vietnam abroad to evaluate impacts, challenges and opportunities from new regulations of markets to wood and forestry sector of Vietnam, and seek ways to support the sector in promoting exports.

Participants agreed that the world economy has seen many difficulties, affecting many sectors, including the wood and forestry sector.

In the long term, Vietnam is facing challenges from new policies and regulations as well as the increasing demands from countries, especially major markets such as the EU and the US, with the EU having enacted the EU Deforestation Regulation (EUDR), the Carbon Border Adjustment Mechanism (CBAM), and new rules in supply chain and labour.

In this context, wood and forestry businesses asked for support from Vietnamese representative agencies abroad in promoting their products, expanding markets, especially the US, the EU and Northeastern Asian countries, and seeking more partners. They also requested for more information on policy changes in foreign markets and assistance in trade defence investigation cases to ensure fairness for Vietnamese firms.

Vietnamese representative agencies said that with the reopening of the Chinese market and free trade agreements that Vietnam has signed, Vietnamese wood sector still boasts high opportunities in many markets.

They advised domestic firms to continue diversifying their products and focus on trademark building, while fostering their linkage to ensure the stability of the supply chain, and renovate their technology to meet the increasing demands. They also pledged to accompany businesses in expanding and developing markets.

Concluding the meeting, Deputy FM Vu underlined the need for Vietnamese representative agencies abroad to provide domestic firms with updates on policy adjustments in foreign markets, along with market information and warnings.

He asked ministries and sectors to assist wood and forestry firms to enhance their capacity and ability to satisfy increasingly stricter demands in trade and investment in other countries.

Along with supporting local firms to seek potential markets, the agencies should work closely with the businesses in preventing and settling trade disputes and defence cases, thus protecting the legitimate interests of Vietnamese enterprises, he said./.