Cargo handling at Hai Phong seaport. (Photo: An Dang/VNA)

He was speaking at a conference on Friday to review the work on European-American market development in 2024 and tasks for 2025.

In addition, the Department will conduct further research into policies and markets, explore opportunities to promote economic, trade, industrial, energy, and investment cooperation in line with Vietnam political and diplomatic relations  and standing.

It will focus on effectively implementing existing Free Trade Agreements (FTAs) and cooperation mechanisms such as intergovernmental committees, joint committees, and trade with other countries in the region, while exploring potential markets to sign FTAs with.

It must act as a bridge and facilitate collaboration between domestic manufacturing and import-export enterprises and foreign enterprises, Long said. 

Last year, Vietnam’s import-export turnover with the European-American market witnessed a more robust recovery and higher growth than 2022. Trade turnover for 2024 was estimated at 250 billion USD, an 18.5% increase over 2022. Trade surplus exceeded the 150 billion USD mark for the first time.