Vietnamese enterprises boost exports to potential markets

Source: Lafooco

Speeding up exports to potential markets in which Vietnam has signed trade agreements, improving quality and making a difference in products are the main ways for Vietnamese enterprises to increase exports at present.

That is the opinion of Nguyen Phu Hoa, Deputy Director of Import – Export Department, Ministry of Industry and Trade. According to Hoa, in the first seven months of this year, Vietnam’s export growth was 18.7%. Remarkably, domestic enterprises continued to achieve decent growth, reaching 32.2%, up 14.6% over the same period, this is also positive in export activities. In particular, exports to countries with FTAs are increasing, indicating that Vietnamese enterprises have made good use of the opportunities offered by these agreements.
According to Hoa, the export forecast will increase, export turnover of the whole year will reach about 200 billion, up 13% over the same period. However, Vietnam’s export activities in the coming time will face many challenges, forcing enterprises to have strategies to adapt.
Specifying market challenges, Mr. Hoa said, the global economy has witnessed unpredictable developments such as: the United States raised a clear view on market protection, domestic production; China is restructured, focusing on the domestic market and has very strong strategies to compete with Japan, Korea … Meanwhile, the 4th industrial revolution is affecting as much as possible and strongly profound changes, included production, social governance, services, trading … making the development strategies of countries rely on attracting foreign investment and cheap labor facing bankruptcy . These factors are creating a big gap and unavoidable risks for Vietnamese enterprises.

Promoting the export of goods will help businesses grow well. Photo: CTV

In this context, Yuichiro Shiotani, CEO of Topvalu Japan, said that automation is a trend of the times and is happening all over the world. Enterprises want to confirm the position, want to sell the product must make a difference in the product; It is a weakness of most Vietnamese companies, because of the $ 600 million that Japan is spending on importing Garments, consumer goods … Vietnam has only a small number of $ 28 million with 50 suppliers (while China has $ 400 million and 430 suppliers).

Yasuo Nishitoghe, General Director of AEON Vietnam, said that the system is still buying seafood products, agricultural products … of Vietnamese suppliers for sale at AEON’s supermarkets in Asia. In short term, AEON will connect with the cooperation of domestic enterprises to bring the quality assurance products to serve consumers. Therefore Vietnamese companies should take advantage of this opportunity to become a supplier of AEON.

Others argue that Vietnamese enterprises must make full use of tariff preferences in markets where Vietnam has signed a trade agreement to boost exports to countries such as South Korea and India. In addition, in the export process, the management of payment risk is also very important. Enterprises should set up export risk frameworks to have a preventive plan in production and business activities to avoid being passive.

At the last Export Forum 2017, Ho Chi Minh City Trade and Investment Promotion Center (ITPC) has cooperated with the Chamber of Commerce and Industry of India (FICCI) organizing a trading meeting between Vietnam and India enterprises.

Accordingly, Indian enterprises in addition to looking for Vietnamese partners who want to export, import and develop products, also want to invest, participate in sharesholding in Viet Nam. Meanwhile, Vietnamese enterprises in the fields of beverages, seafood, agriculture, cashew nuts, consumer goods, processed foods, health care products … also offered to Indian businesses with looking forward to find export partners to India and investment partners for export production.

Source: Vinacas, 12AUG17