11:44 | 11/02/2019
VGP – In the context of fierce competitions, experts proposed Viet Nam exploit new markets in the Middle East, Africa, and Latin America besides optimizing surrounding markets and those with FTAs.
Effectively tapping traditional markets
Mr. Pham Thiet Hoa, Director of the HCMC Investment and Trade Promotion Center was quoted as saying that with a 660-million population, ASEAN will become the fourth largest economy by 2030.
The ASEAN Economic Community and the founding of the Regional Comprehensive Economic Partnership (RCEF) would open up abundant opportunities for Vietnamese enterprises.
In geographical scope, Viet Nam is located in a favorable transport hub with stable political environment. In 2019, the ITPC will organize and support exporters to participate in trade promotion events including the Viet Nam-Laos trade expo, the Viet Nam-Cambodia trade export, a week-long exhibition of Vietnamese products in Thailand, and a Vietnamese exhibition in Myanmar.
Mr. Hoa proposed enterprises partake in trade promotion activities and market research programs; design appropriate labels for specific markets; and raise added values for their products.
Besides ASEAN, in 2019, ITPC will also promote trade promotion activities to tap opportunities in China.
China has a population of over 1.4 billion people with high demand for agriculture and food. This is a good opportunity for Viet Nam which has strength in agricultural production and export.
Developing new markets
Amidst increasingly fierce competitions, experts recommended Viet Nam reach new and far markets in the Middle East, Africa, and Latin America to diversify markets and raise export turnovers while raising trade efficiency with close markets and existing partners with FTAs.
Latin America is a dynamic economy which has the second fastest growth rate after Asia. Over the past years, the region has become an important trade partner of Viet Nam with average growth rate of 20% per year. Brazil, Argentina, Mexico and Chile have over US$ 1 billion trade ties with Viet Nam. In addition, the region has an over 650 million population with average income per capital of US$ 16,000 per year. The regional consumption demand is relatively high for Vietnamese products namely rice, footwear, garments and textiles, aquaculture, furniture, and computers./.
By Kim Loan