Illustrative image (Source: VNA)
Hanoi (VNA) – The Ministry of Industry and Trade (MoIT)’s Vietnam Trade Promotion Agency held a seminar in Hanoi on May 25 to promote trade to the Middle East and Africa.

Speaking at the event, deputy head of the MoIT’s Department of Africa, West Asia and South Asia Markets Ngo Khai Hoan said with a vast area and big population, the Middle East and Africa have high demand for imports, many of which are Vietnam’s key currency earners such as apparel, leather, footwear, and farm produce.

Vietnam has diplomatic ties with more than 70 countries in the regions, making it easier for Vietnamese goods to expand market share.

Vietnam’s exports to the regions are growing, including rice, coffee, pepper, leather and footwear, electronic accessories, machinery and equipment, tools and spare parts.

Middle Eastern and African countries have high demand for fisheries, foodstuff, consumer goods, plastic materials, computers, electronics and spare parts, fuel and machinery.

However, Vietnamese firms have been warned about security instability, racial and religious conflicts, cultural differences when it comes to navigating regional markets. Also, several regional enterprises are unfamiliar with opening letters of credit.

To minimise risks, the MoIT advised domestic firms to thoroughly study markets and stay cautious of attractive deals and online partners. They should closely follow political news while joining international exhibitions and fairs, and business forums to look for prestigious buyers.

About Documents Against Payment forms, Vietnamese firms were advised to request deposits of at least 30 percent.-VNA