Enterprises advised to focus on deep processing to enter African, Asian markets
Vietnamese businesses should continue to invest in deep processing to effectively penetrate African and Asian markets amid the rising trend to use deeply processed products in these outlets, the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT) has said.
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The department said deep processing could help domestic firms improve their export turnovers to African and Asian markets and keep up with market trends.
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| A farmer at his longan farm in Hung Yen Province. Vietnamese longan is favoured by customers in Asian markets. (Source: VNA) |
The department has also suggested localities continue to build brand names for their products while developing a list of enterprises producing and trading agricultural products and fruits capable of exporting to Asian and African markets.
It said that these lists should be sent to the MoIT so that the ministry could facilitate the connection between local firms and foreign importers.
For the traditional Chinese market, localities should consider coordinating with relevant ministries, departments, associations, and reputable firms to organize annual trade promotions with a special focus on potential provinces and cities in China, such as Beijing, Hebei, Hunan, Shandong, and Sichuan.
The department also advised local enterprises to cooperate with foreign businesses such as those in China, Japan, the Republic of Korea, Australia, and ASEAN in product packaging, as product design is among consumers' top concerns in these markets, in addition to product quality.
Over the past few years, Vietnam's trade activities with Asian and African countries have shown significant personification. Besides traditional markets such as ASEAN, the Republic of Korea, Japan, and China, Vietnamese exporters have concentrated on seeking new and niche outlets.
The department said Asian and African markets have high demands for products that Vietnam is strong in, such as farming produce, fruits and vegetables, and seafood like shrimp, tra fish, and crab.
In the past four months, Vietnam's rice exports to Asian and African nations hit 1.8 billion USD, marking a sharp increase of 34 per cent year-on-year.
Notably, the Philippines was Vietnam's largest rice importer in the period, accounting for 46.4 per cent of the total volume and 45.5 per cent of the country's total rice export turnover.
Over the four months, the Asian and African outlets imported 1.5 billion USD of seafood from Vietnam, with China and Japan being the two largest import markets.
According to the department, many countries in Asia and Africa are the major importers of key products such as computer components, phones and parts, textiles and garments, and wood and wood products.
Last year, Vietnam's merchandise trade with Asian and African nations reached 458 billion USD, down 6.7 per cent year-on-year. Vietnamese exports topped 183 billion USD, accounting for over 51 per cent of the country's total export value.
Among items that posted a positive turnover were transport vehicles and spare parts with 6.5 billion USD, up 23 per cent, electronic products and components (28.3 billion USD, up 6.4 per cent), footwear (5.1 billion USD, up 3 per cent), rice (3.8 billion USD, up 38 per cent), fruits and vegetables (4.4 billion USD, up 86 per cent), cashew nuts (1.7 billion USD, up 26 per cent) and coffee (1.2 billion USD, up 19 per cent).
(Source: VNA)
