Vietnam and the European Union (EU) are accelerating the negotiation of afree trade agreement (FTA), but in order to succeed on the Germanmarket, domestic producers will need to pay particular attention to thequality of their goods, Deputy Minister of Industry and Trade Tran TuanAnh said.
Once the Vietnam-EU FTA enters into force, the qualityof export products will become the main competition factor, the officialsaid, elaborating that businesses will face strict quality requirementssince Germany is a highly selective market.
He urged Vietnamesecompanies to increase their knowledge on international trade and updatetheir business strategies. They need to be able to provide abundantsupplies of products of high quality and competitive prices, whilespending adequate resources on building brand names.
According tothe ministry’s Agency of Foreign Trade, Germany is currently Vietnam’slargest EU trade partner, with two-way trade growing by 15 percent ayear.
Bilateral trade reached 7.69 billion USD in 2013, ayear-on-year increase of 18.8 percent, and 6.47 billion USD in the firstten months of 2014, including 4.19 billion USD in Vietnamese exports.
Vietnampredominantly exports electronic products and components; seafood;textile and garment products; and mobile phones and components toGermany.
The ministry’s Europe Market Department reported thatGermany spends around 550 billion USD on importing consumer goods everyyear. The country also acts as a gateway for international products toenter the European market.
Meanwhile, Vietnamese exports toGermany only account for 0.2 percent of the European country’s imports.Therefore, there is still a huge potential for Vietnamese goods toexpand their presence in the German market, trade experts said.
Anumber of bilateral agreements on double taxation avoidance, investmentencouragement and protection, and maritime and aviation cooperationhave been signed, serving as an important legal framework thatfacilitates economic and trade ties, they added.-VNA
Once the Vietnam-EU FTA enters into force, the qualityof export products will become the main competition factor, the officialsaid, elaborating that businesses will face strict quality requirementssince Germany is a highly selective market.
He urged Vietnamesecompanies to increase their knowledge on international trade and updatetheir business strategies. They need to be able to provide abundantsupplies of products of high quality and competitive prices, whilespending adequate resources on building brand names.
According tothe ministry’s Agency of Foreign Trade, Germany is currently Vietnam’slargest EU trade partner, with two-way trade growing by 15 percent ayear.
Bilateral trade reached 7.69 billion USD in 2013, ayear-on-year increase of 18.8 percent, and 6.47 billion USD in the firstten months of 2014, including 4.19 billion USD in Vietnamese exports.
Vietnampredominantly exports electronic products and components; seafood;textile and garment products; and mobile phones and components toGermany.
The ministry’s Europe Market Department reported thatGermany spends around 550 billion USD on importing consumer goods everyyear. The country also acts as a gateway for international products toenter the European market.
Meanwhile, Vietnamese exports toGermany only account for 0.2 percent of the European country’s imports.Therefore, there is still a huge potential for Vietnamese goods toexpand their presence in the German market, trade experts said.
Anumber of bilateral agreements on double taxation avoidance, investmentencouragement and protection, and maritime and aviation cooperationhave been signed, serving as an important legal framework thatfacilitates economic and trade ties, they added.-VNA
