Jackfruit is being processed in a factory in northern Vietnam for export. (Photo: VNA) Phu said from now until the beginning of the year, global inflation wouldlikely continue to climb with central banks raising interest rates andconsumers cutting back on expenses. As a large exporter, Vietnam would likelysuffer disproportionately in trade.
A global economy still recovering from disrupted supply chains and the pandemicrequired Vietnamese exporters to stay vigilant and up-to-date with marketchanges in their traditional markets and find ways to capitalise on newopportunities.
He urged businesses to hold more trade promotional events and seek out newmarkets in Africa, the Middle East, the Far East, Central Asia and LatinAmerica for Vietnamese products.
The department advised exporters to invest and focus on a limited number ofproducts with strong brand recognition and high quality at first to create afoothold in new markets. Successful examples included exports of Vietnamesemangosteens and durians to China which have enjoyed popularity among Chineseconsumers after a well-implemented marketing campaign to introduce the fruitsand brand-building activities in major Chinese cities.
The campaign also reminded exporters of the importance of fully understandingmarket regulations and safety standards, as well as consumer preferences andproduct promotions.
Nguyen Manh Hung, head of the department's branch office in New York, US, saidexporters must stay in touch with Vietnamese government trade representatives,which can provide them with all information on specific markets' demands andhelp connect them to local companies.
Hung said there was still a lot of untapped potential for Vietnamese productsamong different consumer groups in the US, namely the Asian-American,African-American and Latino communities.
The single most important factor, however, remained a strong adherence to USsafety and quality standards as well as product-origin regulations.
During the first ten months of the year, the US remained Vietnam’s largestexport market with a total export value worth 93.4 billion USD while China wasthe Southeast Asian economy's largest import market at 100.7 billion USD.
Vietnam recorded a trade surplus of 2.27 billion USD in October to top aten-month period at 9.4 billion USD in surplus in comparison to a 0.63 billion USDdeficit during the same period last year. The country's industrial andmanufacturing sectors continued to account for a large share of Vietnam’sexports at 89.1%./.
VNA
