At the event (Photo: VNA) HCMCity (VNA) – Vietnamese enterprises should engage more in tradepromotion activities in the Middle East and Africa, particularly as itstraditional export markets are becoming oversaturated.
The Middle East and Africa, with their high demand for imports, are deemed aspotential markets for Vietnamese products, experts said at an internationalconference held in Ho Chi Minh City on December 20.
By 2020, Africa needs to buy some 1.2 trillion USD worth of products fromforeign countries, while the Middle East will have to spend 1.5 trillion USD onimports.
According to Nguyen Minh Phuong, a representative from the Ministry of Industryand Trade’s Department of Asia-Africa Markets, Vietnam earned 2.7 billion USDfrom exports to Africa in 2017, with large importers being South Africa, Egypt,Algeria, Ghana, and the Ivory Coast. Major Vietnamese exports are rice, mobilesand spare parts, seafood, computers, coffee, garments, pepper, and machinery.
Vietnam splashed out 6.7 billion USD to purchase cashew nuts, cotton, timberand wooden products, precious metals, copper, minerals, animal feed, and othersfrom African countries, mostly the Ivory Coast, Nigeria, Tanzania, and Ghana.
The Department of Asia-Africa Markets is stepping up trade promotion and offeringsupport to Vietnamese firms looking to break into African countries, who have awide range of cooperation programmes with Vietnam, she said.
Regarding the Middle East, another representative from the department, PhamHoai Linh, said that the 15 Middle East nations hold strengths in finance andsci-tech. They boast huge purchasing power and less demanding consumers, whichmake it easy for Vietnamese firms to satisfy the markets’ standards.
Harsh natural conditions make the region unable to produce agro and seafoodproducts for domestic consumption. Thus, Vietnamese firms should draw up strategicand long-term strategies to enter those potential markets.
Experts at the event suggested that products with developed branding andquality that meet the standards of each nation should be paid significantattention. In addition, Vietnamese companies need to build a distributingnetwork, open representative offices in the markets, and keep close contactwith the Vietnamese Embassies and trade offices in the region.
Meanwhile, Tran Thi Minh Thu, an official from the Government Committee forReligious Afairs, said that domestic companies should study Muslim culture,business culture, and Halal standards before approaching potential partners inthe region. –VNA
The Middle East and Africa, with their high demand for imports, are deemed aspotential markets for Vietnamese products, experts said at an internationalconference held in Ho Chi Minh City on December 20.
By 2020, Africa needs to buy some 1.2 trillion USD worth of products fromforeign countries, while the Middle East will have to spend 1.5 trillion USD onimports.
According to Nguyen Minh Phuong, a representative from the Ministry of Industryand Trade’s Department of Asia-Africa Markets, Vietnam earned 2.7 billion USDfrom exports to Africa in 2017, with large importers being South Africa, Egypt,Algeria, Ghana, and the Ivory Coast. Major Vietnamese exports are rice, mobilesand spare parts, seafood, computers, coffee, garments, pepper, and machinery.
Vietnam splashed out 6.7 billion USD to purchase cashew nuts, cotton, timberand wooden products, precious metals, copper, minerals, animal feed, and othersfrom African countries, mostly the Ivory Coast, Nigeria, Tanzania, and Ghana.
The Department of Asia-Africa Markets is stepping up trade promotion and offeringsupport to Vietnamese firms looking to break into African countries, who have awide range of cooperation programmes with Vietnam, she said.
Regarding the Middle East, another representative from the department, PhamHoai Linh, said that the 15 Middle East nations hold strengths in finance andsci-tech. They boast huge purchasing power and less demanding consumers, whichmake it easy for Vietnamese firms to satisfy the markets’ standards.
Harsh natural conditions make the region unable to produce agro and seafoodproducts for domestic consumption. Thus, Vietnamese firms should draw up strategicand long-term strategies to enter those potential markets.
Experts at the event suggested that products with developed branding andquality that meet the standards of each nation should be paid significantattention. In addition, Vietnamese companies need to build a distributingnetwork, open representative offices in the markets, and keep close contactwith the Vietnamese Embassies and trade offices in the region.
Meanwhile, Tran Thi Minh Thu, an official from the Government Committee forReligious Afairs, said that domestic companies should study Muslim culture,business culture, and Halal standards before approaching potential partners inthe region. –VNA
VNA
