HCM City trade centre puts focus on US, Japanese export markets
The HCM City Investment and Trade
Promotion Centre (ITPC) has identified the US and Japan as the
largest markets for exports this year, the ITPC director said on Jan.
26.
Speaking at a meeting in HCM City, Tu Minh Thien said
the Japanese market was now wide open to Vietnamese-made products
because of the signing of the Vietnam-Japan Economic Partnership
Agreement (VJEPA), under which many of the country's export items to
Japan will enjoy a zero-percent tax rate.
With the tax cuts, Vietnamese businesses can compete on price with other rivals in the Japanese market.
ITPC plans to open a centre in Japan 's Nagoya City in April,
aiming to push up business co-operation and trade promotion programmes
in the Japanese market.
Thien noted that the US Government would also strengthen business cooperation with Vietnam this year.
Last year, the US President in his State of the Union address
announced a National Export Initiative (NEI) to double exports over the
next five years.
A core mission of the NEI is exploring ways to seize opportunities in countries with high-growth potential.
China, India and Brazil are critical countries where resources will continue to be directed.
In addition, federal agencies have identified "next tier markets,"
including Saudi Arabia, South Africa and Vietnam, where the US
aims to develop longer-term commercial engagement strategies to
cultivate future opportunities.
In January, ITPC also organised a business trip to the US, aiming to promote trade and tourism between the two countries.
There will be one more business trip to the US in March and to Japan in August.
Apart from the US and Japan, ITPC will increase trading activities
in other markets such as Cuba, Cambodia, Myanmar, Laos, Africa
and the Middle East.
Together with organising many
exhibitions and business trips, the centre will map out specific
strategies for every market with the aim to make investment more
effective.
The key export sectors include food, processed
foodstuff, handicraft, household appliances, industrial products and
electronics products.
For example, ITPC will focus on
investing property and tourism in Cuba and strengthening consumer
goods and household appliance products in Cambodia and Myanmar
this year.
For the domestic market, Thien said the distribution network and trademark building were key points in developing the market.
In addition, the businesses need to combine trade activities with tourism and service activities to promote their products.
Also, they should update information about trade and technical
barriers, foodstuff hygiene and safety regulations for their exports, he
said.
This year, ITPC will coordinate with the
Netherlands' Centre for Promotion of Imports from developing countries
to assist Vietnamese exporters in their efforts to increase exports to
Europe.
They will hold export coaching programmes that will offer technical assistance, training and market entry activities.
At the meeting, ITPC signed a cooperation agreement with the HCM City
Credit Guarantee Fund for Small- and Medium-Sized Enterprises, Minh Tran
Ltd Co, Economic News and Vietnam Investment Review.
Its
aim is to help ITPC's Vietnam Exporters Association members to easily
access the credit fund and support them in further penetrating the
Japanese market./.