HomeNews Vietnam’s 2010 exports still rely on key markets
Vietnam’s 2010 exports still rely on key markets
Friday, 12 March 2010
Having
faced numerous barriers while expanding to new export markets, many local
businesses have temporarily put such efforts on hold to focus on key markets
with which they have strong relationships.
According to the Ministry of
Industry and Trade , Vietnam
made a great effort to get a better foothold in markets in Africa, the Middle
East and Latin America in 2010. However, these
markets are far away from Vietnam
and have various differences in terms of customs, culture and consumption
habits. As a result, progress remains limited despite concerted efforts from
both sides.
A number of exporters have even
refused to ship products to Russia
- a traditional market which is expected to help them boost their overall
export turnover - due to import tariff barriers and the methods used to
calculate taxes.
Chairman of the Vietnam Textile and
Apparel Association (Vitas) Le Quoc An said the European Union (EU), Japan and the US remain the top choices for
domestic companies.
The opinion is fuelled by the fact
that most of the 57 overseas trade promotion projects funded by the Ministry of
Industry and Trade target these markets. Along with such programmes, the
enterprises join in specialised fairs to introduce their products abroad.
From April to October, a number of
associations will participate in fairs and exhibitions in the US . Vitas plans to take part in
the GlobalTex Fair in Los Angeles and the Magic
Show Fair in Las Vegas, while the Vietnam Timber
and Forest Product Association will join an international fair and exhibition
on wooden furniture in Chicago and the Vietnam Coffee and Cocoa Association
will conduct a fact-finding tour in New
York.
In the EU market, the Vietnam
Cooperative Alliance, the Vietnam Software Association and the Trade Promotion
Centre for Agriculture will participate in fairs in Italy
, Germany and France,
respectively.
Also, domestic businesses are
striving to fully tap the advantages offered by the Vietnam-Japan Economic
Partnership Agreement to boost the export of garments, footwear, handicraft
products, wooden furniture and agro-fishery products to this market.
Experts
forecast that this year’s exports will not see a breakthrough growth as Vietnam’s
key markets have yet to recover completely, citing earnings of 8.9 billion USD
in the first two months – an equal volume to that of the same period last year.