Companies operating in the electronics industry have tremendous opportunities to carve out their own specific niche in the global marketplace and thrive, said economists at a seminar in Ho Chi Minh City on July 30, radio The Voice of Vietnam (VOV) reported.

“Five years after making the decision to open its retail market in line with World Trade Organization (WTO) commitments, the electronics industry is finally seeing light at the end of the tunnel, said Pham Ngoc Hung, Vice Chairman of HCM City Union of Business Associations (HUBA).

The increased economic prospects for global integration are brought about by free trade agreements under negotiation, most particularly the Trans-Pacific Partnership (TPP), he shared.

Vietnamese companies, especially electrical and electronics firms, should not take anything for granted, however, and should make every effort to meet or exceed international standards for technical safety, and certificate of origin (C/O), he said.

Echoing Hung’s view, Stanley Ong, Assistant Vice President at TUV SUD ASEAN added that many countries around the globe are actively turning to more environmentally friendly sustainable development, and Vietnamese companies should seize the opportunity to play a global leadership role in the development.

“The electronics sector should invest heavily in research and development to ensure their products comply with the strictest of international standards applying the latest in scientific and technological advancements,” Ong said.

Finally yet most importantly, Vietnamese electronics firms should fully develop a marketing strategy touting the environmentally friendly attributes of their products and certificate of origin (C/O), specifically targeting stimulating exports to the demanding markets, Ong said.

Economists at the seminar were in general agreement that such a marketing strategy would help electronics firms increase their product value, improve competition and win consumer trust along with instilling confidence in the quality Made-in-Vietnam brand in the global marketplace.-VNA