The latest statistics show that Vietnam earned more than 96 billion USD from exports last year, up 33% over the previous year. Vietnamese food, furniture, and fine arts were highly appreciated in the global market. But Vietnam’s export growth faces the challenge of an unstable world market. Despite Government subsidies to improve the competitiveness of Vietnamese exported goods, the exporters themselves must step up the search for new markets and maximize the potential of existing markets.
Vietnam plans to increase export turnover 13% this year from a total of 96 billion USD in 2011 to 108.5 billion USD. But to achieve this target, Vietnamese exporters will have to do their utmost as the world economy and the domestic economy are both expected to struggle. Enterprises and agencies will have to pay close attention to markets and in particular, will need to shrewdly restructure the export market.
According to the Ministry of Industry and Trade, border trafficking is a key channel for small and medium-sized exporters. But, in the past, Vietnamese exporters have lacked appropriate policies to make full use of the potential of the Lao, Cambodian and Chinese markets. And there are a lot of other untapped markets such as Africa, West Asia, South Asia and the Middle East. The Middle East is considered a high potential but very demanding market. At a recent international rice fair in Dubai, Vietnamese businesses successfully signed contracts to sell rice and agriculture products to the United Arab Emirates. Deputy Minister of Agriculture and Rural Development Luong Le Phuong said this could be a golden opportunity for Vietnam’s agricultural sector to gain a larger share of that market. He elaborated ‘
On a recent visit to the Middle East, Vietnamese exporters gained an appreciation of this market’s tastes. Therefore, they should organize areas to grow materials to ensure enough material resources for exports. As a majority of people in this market are Muslim, aquatic products should be divided into two kinds – one for the upper strata and another for immigrant laborers. Of first importance is product quality. I want to urge aqua-culturers not to use chemicals that may pose health risks, so we can maintain long-term trading partners. I’m also asking relevant agencies to increase oversight and inspection to ensure a firm foothold in the Middle East market’.
In the European market, Vietnam’s exports are likely to encounter problems this year as the ongoing public debt crisis leading to rising trade protectionism and technical barriers. Pham Sanh Chau, Vietnam’s Ambassador to Belgium, says that Vietnamese companies, when exporting to Europe, face the difficulty of ensuring product quality and meeting the standards set by importers. Mr. Chau underlined ‘Commercial disputes are on the rise. As another economic crisis looms, trade protectionism seems to be on the rise. Vietnamese exporters should be prepared for the technical, legal, and political aspects of this’.
At a recent meeting with Vietnamese trade counselors in Hanoi, Minister of Industry and Trade Vu Huy Hoang said Vietnamese consuls abroad will actively support domestic enterprises in trade promotion, brand-name advertisement, and dealing with anti-dumping, anti-subsidy lawsuits and other technical barriers.