Business

Local firms suggested promoting trade with Middle East

Local businesses should consider promoting trade to the Middle East market as a strategic and long-term orientation amid the falling demand in traditional markets.
Local firms suggested promoting trade with Middle East ảnh 1Tra fish processing for export (Source: VNA)

Hanoi (VNA) – Local businesses should consider promoting trade tothe Middle East market as a strategic and long-term orientation amid the fallingdemand in traditional markets, according to the Department of Asia-AfricaMarkets under the Ministry of Industry and Trade (MoIT).

Nguyen Minh Phuong from the department highlighted the potential of the MiddleEast market, saying that it boasts a huge purchase power, with standards whichare suitable for Vietnamese firms.

However, she Phuong also underlined obstacles hindering Vietnamese exportersfrom entering the market, including unstable political situation in the MiddleEast, difference in culture, language between Vietnam and the region, as wellas lack of a strategic and long-term strategy among Vietnamese exporters.

Le Thai Hoa, Deputy Director of the agency urged local businesses to developlong-term plans to enter the market by developing a competent staff with goodunderstanding of the regional culture and language.

The Government approved a project on the development of the Vietnam – MiddleEast ties by 2025, Hoa said, adding that the ministry is working to issue anaction plan to implement the project.

Besides, the ministry has regularly hosted trade promotion events to helpdomestic firms approach the Middle East market, while instructing its tradeoffices in the region to keep Vietnamese exporters updated on the market’ssituation and opportunities, Hoa said.

Publicity campaigns have been conducted to introduce Vietnamese goods to themarket, with the hope of entering the retailer network in the region, he added.

According to the ministry, trade between Vietnam and the Middle East reached12.8 billion USD in 2017, up 17.4 percent from 2016.

Vietnam’s main export goods are mobile phones, computers and accessories,seafood, footwear, garment and textiles, fibre, rice, pepper, wood products,cashew nuts, natural rubber, vegetables and fruit, and coffee beans.

The country mostly imported materials for domestic production, such as plastic,liquefied gas, electronic spare parts, machines, and animal feed, from theMiddle East.-VNA
VNA
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