Africa and the Middle East are potential markets for Vietnam’s export products, especially food, agricultural products, seafood and consumer goods.
Le Thai Hoa, deputy head of the Department of Africa, West Asia and South Asia Markets under the Ministry of Industry and Trade (MoIT), made the remark at a workshop in Hanoi on June 11, which aimed to enhance cooperation, trade and investment promotion between Vietnam, Africa and the Middle East .
Vietnam’s exports to African and Middle Eastern markets hit nearly 4.2 billion USD in 2012, up 65 percent over the 2011’s figure. In the first quarter of this year, the country raked in over 1.4 billion USD from exporting products to these markets.
Both the Africa and Middle East markets have great purchasing powers and import-export structures suitable to Vietnamese goods, Hoa said.
Vietnam has opened eight embassies and six trade offices in the Middle East and signed free trade agreements with 11 out of 15 regional countries, he added.
He, however, noted that the country’s exports to these markets face a number of challenges as they are regions with instable political and security situation, and increasing racial and religious conflicts.
The lack of information on market and differences in culture, religion and business habits also hinder Vietnamese enterprises to access the markets.
In order to overcome the difficulties, the MoIT and its bureaus and departments will continue to support enterprises and associations in organising trade promotion activities and taking part in fairs abroad.
According to Phan Thi Ha Anh, Director of the Binh Minh Foods Joint Stock Company, to penetrate into the two markets, Vietnamese businesses need to have suitable business strategies and produce high-quality commodities in order to meet the regions’ standards./.