Pham Thiet Hoa, Director of the Online Trade and Investment Information Portal (ITPC) said the completion of the roadmap to cut tariffs in ASEAN offers opportunities for Vietnamese businesses to increase exports to the bloc, which is the fourth biggest export market of Vietnam, after the EU, the US and China.
With the combined population of 660 million people, ASEAN is expected to become the fourth largest economy in the word by 2030.
Wu Jun, Consul General of China in Ho Chi Minh City said China has been the largest trade partner of Vietnam for years while Vietnam is the largest ASEAN trader and among top ten global traders of China.
In the past 11 months, Vietnam earned an export value of over USD 38 billion from China, a surge of 23 percent from the same time in 2017.
As the second largest economy in the world with a market population of 1.3 billion people, China is projected to import more than USD 30,000 billion worth of goods and USD 10,000 billion worth of services in 15 years.
To fully explore the ASEAN market, Vietnamese businesses need to take part in more trade promotion activities and market research programs, and study market needs regarding commodities, services, prices, consumers’ taste, and consumer trends, Hoa said.
Meanwhile, Nguyen Thi Ngoc Hang, head of the marketing desk at the office for Halal certification in Ho Chi Minh City said many Vietnamese businesses have yet paid attention to satisfying the needs of Islamic people who account for half of ASEAN’s population.
Vietnam’s products with Halal certification could reach other Islamic markets in the world after they enter the ASEAN market, according to Hang.
To increase exports to China, Wu Jun suggested Vietnamese businesses keep them constantly updated with market demands along with boosting marketing activities.
Amid technology-based consumer trends, Vietnamese businesses are advised to prepare technological foundations to speed up trans-national e-commerce.
They need to use advanced machinery and technology in production to ensure the consistent quality of products to meet the needs of large-scale markets, experts said.
Source: VNA