Vietnamese booth at the 2016 Food & Hotel Asia expo
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Vietnamese Trade Counselor to Singapore Nguyen Viet Chi told reporters from the Vietnam News Agency that FHA 2016 offers a good chance for domestic companies to seek partners in the region, view the latest in food processing technology and equipment, and study customers’ tastes.
As a member to the ASEAN Economic Community and the Trans-Pacific Partnership (TPP) Agreement, Vietnam should be aware of both opportunities and challenges, especially for sectors that have strength in exports.
Vuong Thanh Long, Director of Business Development at the Hung Hau Agriculture Corporation, said Vietnamese businesses lack close cooperation when reaching out to foreign markets. Additionally, the price competitiveness among domestic enterprises does not create a firm foundation for them to develop in the global playground, he added.
Director General of the Hello Coffee 5 Company Tran Tan Thien suggested businesses be more proactive in joining international trade fairs to seek new customers. Exporters of advantageous products such as coffee, rice and seafood need to create new products to make inroads in choosy markets like Japan, Europe and the US, he recommended.
According to Singapore’s Department of Statistics, Vietnam exported 320 million USD worth of food to Singapore, making up nearly 4 percent of the market’s food import. This means the potential to increase food exports to Singapore as well as from Singapore to other countries in the region remains large.
