Business
Vietnam boosts trade with Middle East and Africa
A seminar to discuss measures to promote trade and investment with the Middle Eastern and African economies was organised in Hanoi on August 18.
The event attracted the participation of numerous local businessmen and government officials.
Deputy Head of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) Ta Hoang Linh said Vietnam and Middle East and African countries can boast early cooperative ties.
They attach much importance to cementing and enhancing traditional friendships, Linh added.
Vietnam’s exports to the Middle East and Africa have increased in the recent years, but domestic businesses have yet to take full of advantages of the potential markets, heard a seminar.
Participants said locally made products are less competitive in both quality and price than commodities made in China, Thailand, Indonesia or Malaysia.
He noted that so far, Vietnam has established relations with 70 countries in the Middle East and Africa region, with two-way trade increased eight times from 2 billion USD over the past ten years.
The Middle East and Africa region that covers over 36 million square kilometers with a total population of nearly 1.5 billion, is considered potential market for Vietnamese businesses for various domestic products.
Vietnam mainly exports farm produce such as rice, coffee and pepper along with high added-value industrial products like electronics, machinery and equipment spare parts.
Deputy head of the MoIT’s Department of Africa, Western and South Asia Markets Ngo Khai Hoan said Middle East and African countries have huge demand for food, farm produce, seafood, milk and consumer products, thus creating an excellent opportunity for Vietnamese businesses to boost exports.
Middle East countries also have a high demand for construction materials, electricity lines and cables, home decoration and office equipment, that are all strengths of Vietnam.
Vietnam gained around 37.5 million USD from selling mobile phones and spare parts to the market in 2009, and went up to 6.28 billion USD in 2015.
According to the Department of Africa, Western and South Asia Markets, businesses should review their development strategies to improve competitiveness and develop distribution channels while actively imlementing trade promotion activities such as surveying the market, joining trade fairs and exhibitions, and optimising opportunities from the free trade agreements.
Vietnamese businesses need to learn carefully about the culture of the Middle East and African countries to design suitable products and enhance connectivity to become highly competitive in the international arena.
Deputy Head of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) Ta Hoang Linh said Vietnam and Middle East and African countries can boast early cooperative ties.
They attach much importance to cementing and enhancing traditional friendships, Linh added.
Vietnam’s exports to the Middle East and Africa have increased in the recent years, but domestic businesses have yet to take full of advantages of the potential markets, heard a seminar.
Participants said locally made products are less competitive in both quality and price than commodities made in China, Thailand, Indonesia or Malaysia.
At the seminar
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The Middle East and Africa region that covers over 36 million square kilometers with a total population of nearly 1.5 billion, is considered potential market for Vietnamese businesses for various domestic products.
Vietnam mainly exports farm produce such as rice, coffee and pepper along with high added-value industrial products like electronics, machinery and equipment spare parts.
Deputy head of the MoIT’s Department of Africa, Western and South Asia Markets Ngo Khai Hoan said Middle East and African countries have huge demand for food, farm produce, seafood, milk and consumer products, thus creating an excellent opportunity for Vietnamese businesses to boost exports.
Middle East countries also have a high demand for construction materials, electricity lines and cables, home decoration and office equipment, that are all strengths of Vietnam.
Vietnam gained around 37.5 million USD from selling mobile phones and spare parts to the market in 2009, and went up to 6.28 billion USD in 2015.
According to the Department of Africa, Western and South Asia Markets, businesses should review their development strategies to improve competitiveness and develop distribution channels while actively imlementing trade promotion activities such as surveying the market, joining trade fairs and exhibitions, and optimising opportunities from the free trade agreements.
Vietnamese businesses need to learn carefully about the culture of the Middle East and African countries to design suitable products and enhance connectivity to become highly competitive in the international arena.
