Viet Nam Human Rights
Expanding foreign markets for Vietnamese goods
Vietnamese enterprises have made great efforts in effectively using FTAs to penetrate and bring Vietnamese goods to the international market.
However, for sustainable development, businesses believe that it is necessary to further promote trade in foreign markets in a flexible, practical and effective manner to widen the way for exports of Vietnamese goods.
To support enterprises to overcome difficulties and restore production and business, Tran Phu Lu, Deputy Director of HCM City's Investment and Trade Promotion Centre (ITPC), has said that HCM City has boosted trade promotion and investment activities to help businesses expand the domestic product consumption market and potential foreign markets.
Exporting Vietnamese goods through the distribution network of foreign retail groups in Vietnam is considered an effective and sustainable channel, which can also be called "on-the-spot export" as foreign retailers not only have systems of modern trade centres and supermarkets, which are continuously expanded at home and abroad but also lead the way in converting to online shopping, according to Lu.
The ITPC has coordinated with these corporations to organise conferences and seminars to create bridges for businesses to meet, exchange and seek new markets at home and abroad.
Meanwhile, in foreign markets, Vietnamese trade promotion agencies and trade offices have been organising and promoting Vietnamese goods, connecting markets, and supporting enterprises to increase exports.
Many domestic and international organisations forecast that the world economy, including Vietnam, will recover and consumer demand will increase this year.
This is an opportunity for production and exports to continue to grow. To take advantage of this opportunity, trade promotion activities need to continue to be renewed and digitally transformed to promote the role of a trade bridge.
Than Duc Viet, General Director of the Garment 10 Joint Stock Company, said that trade promotion activities needed to undergo a more robust digital transformation and promote e-commerce platforms to resume and develop the supply chain after the pandemic.
Ngo Sy Hoai, Vice President of the Vietnam Timber and Forest Product Association, hopes that Vietnamese trade offices abroad convey the message that Vietnam is a centre for processing and exporting wood products and will develop a sustainable wood industry with clean and legal raw materials./.
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All comments [ 20 ]
With its rising costs, China is no longer the go-to destination for many businesses, and Vietnam has arisen as a serious competitor. Recent trends show that the number of orders shifting from China to Vietnam has seen a significant increase.
In the past few years, a growing number of businesses have relocated their operations from China to Vietnam in an attempt to escape rising costs and an increasingly complex regulatory environment.
Despite several challenges, many Vietnamese businesses and manufacturers are venturing into foreign markets as part of their development journey.
As the COVID-19 pandemic is developing unpredictably in Southeast Asia, one key factor affecting the growth of import and export will be whether the pandemic is brought under control.
Located in a strategic position for foreign companies with operations throughout Southeast Asia, Vietnam is an ideal export hub to reach other ASEAN markets.
Several businesses and manufacturers have stepped up exports through e-commerce to take advantage of the boom of the channel during the past two years.
Compared with other developing markets in the region, Vietnam is emerging as the clear leader in low-cost manufacturing and sourcing, with the country’s manufacturing sector accounting for 25 percent of the country’s total GDP in 2021.
Currently, labor costs in Vietnam are approximately 50 percent of those in China at US$2.99 per hour compared to US$6.50 per hour respectively, and around 40 percent of those reported in Thailand and the Philippines. With the country’s workforce growing annually, Vietnamese workers are comparatively inexpensive, young, and, increasingly, highly skilled.
Another driving force behind Vietnam’s growing popularity is the country’s collection of free trade agreements.
Vietnam has become increasingly investor-friendly in recent years –the government has taken such actions as reforming its financial sector, streamlining business regulations, and improving the quality of its workforce.
Since the mid-2000s, the Vietnamese government has offered extremely competitive financial incentives to businesses seeking to set up operations in the country.
Vietnam has bright export prospects through e-commerce. The number of Vietnamese small- and medium-sized enterprises (SMEs) selling on Amazon has increased by 15 per cent on-year.
The figures show that "Made in Vienam" products have received more interest from foreign customers, which holds great potential for further development.
Vietnam is well on its way to becoming a key location for high-technology manufacturing, with companies like Samsung, LG Electronics, Nokia, and Intel making multi-billion dollar investments into the country.
Government agencies and industry groups are collaborating to implement a variety of practical and comprehensive activities to assist Vietnamese firms to overcome challenges and grasp new business trends.
Vietnam has emerged as an important electronics exporter, with electrical and electronic products overtaking coffee, textiles, and rice to become the country’s top export item.
Businesses need to carefully study the above issues through support from Vietnamese diplomatic agencies and organisations in the Middle East, as well as other trade and investment promotion agencies.
The export markets of Vietnam's agricultural products have expanded to more than 180 countries and territories. In particular, there is a shift from medium-segment markets to higher segment markets.
Samsung has turned Vietnam into a global manufacturing base for its products, producing almost a third of the firm’s output.
Vietnamese automakers, such as VinFast have also started launching some first automobile models to the foreign market, signaling a promising future of cars exported from Vietnam.
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