Trang tiếng Việt
Vietnamese firms urged to accelerate exports to ASEAN region PDF Print
Thursday, 10 November 2016 10:49

VIETRADE – Vietnamese firms should continue to update their technology and improve products’ quality and localization rate to take advantage of opportunities to export to the ASEAN market, especially after Vietnam had officially joined the ASEAN Economic Community (AEC), senior officials suggested.

 

Do Quoc Hung, deputy director of the Ministry of Industry and Trade(MoIT)’s Asia-Pacific Department said in a recent conference in Hanoi that domestic enterprises should pay attention to building brand name based on quality and added value.

 

In addition, they should also build their own distribution channels in the export markets while enhancing studies and trade promotion activities to fully exploit the ASEAN market potential, he said.

 

Last year, the AEC was established following 10 years of preparation with a population of more than 600 million. The 10-country community had total annual GDP of some US$2 trillion. AEC was expected to create an economic area with high competitiveness and integration into the world economy.

 

The community would also help boost economic growth rate, create jobs, draw foreign investment and narrow down the development gap among member nations, among others, experts said.

 

In his speech at the same event, Ta Hoang Linh, the deputy director of the Trade Promotion Agency under MoIT said, Vietnam could enjoy increased commercial transactions and exchanges in the ASEAN Economic Community (AEC).

 

Sharing Linh’s opinion, Hung highlighted some other benefits to be enjoyed by domestic enterprises when selling their products to ASEAN nations, like export structure change, higher competitiveness and expanded markets. 

 

According to Hung, textile and garment, fertilizer, footwear, farm produce, food stuff as well as construction materials were among export products that local firms should focus to accelerate shipments to the ASEAN bloc.

 

Beside to these awaiting opportunities, Hung warned that Vietnamese enterprises would face fierce competition from ASEAN countries as the country would have to open its market for imported products.

 

In addition, Vietnamese exports to the region would see pressures of technical barriers, he noted.

 

Other trade experts suggested that companies should make the greater efforts to overcome existing difficulties in production and business and to improve competitive ability.

 

They should also build brand and quality standards for large-scale business operations in the long term future, experts said.

 

Meanwhile, the Government should promote administrative reform to create favorable conditions for trade activities, especially with ASEAN markets.

 

The State also should focus on attracting investment in capital and technique, as well as focusing on attracting foreign experts to promote technological transfer and to improve the quality of Vietnamese goods and services, they noted.

 

Statistics from the ministry showed that ASEAN had been one Vietnam's most important trade partners following China.

 

Bilateral trade between Vietnam and ASEAN increased 13 times from US$3.3 billion in 1995 to US$42.1 billion in 2015. Vietnam’s export to ASEAN saw an average growth rate of 17.1% per year.

 

The country's export turnover to ASEAN increased by 18 times from US$1 billion in 1995 to US$18.3 billion in 2015, according to the data.

 

According to the Ministry, ASEAN is one of Vietnam’s most important trade partners, second to China, which is reflected by a remarkable surge in bilateral trade value, which hit 42.1 billion USD in 2005 from 3.3 billion USD in 1995. 

Vietnam has seen an annual average increase of 17.1 percent in its export to ASEAN, from nearly one billion USD in 1995 to 18.3 billion USD in 2015.



Newer news items:
Older news items:

 
© 2011 Vietnam Trade Promotion Agency - VIETRADE
 This site best viewed with Google Chrome