PM okays to regional market development project hinh anh 1Illustrative image (Source: VNA)
The Prime Minister has approved a project to develop regional markets from 2015-2020.

The project seeks to increase the market share of locally-made products in traditional markets such as Southeast Asia, Northeast Asia (Japan and the Republic of Korea), China, Australia, the US, the European Union, Russia and other eastern European countries, Canada and India.

It aims to diversify export outlets, especially promising markets like Africa, Latin America, the Middle East and India.

As planned, local businesses will promote trade in both traditional and new potential markets while deeply engaging in the distribution systems of regional markets, particularly in America and Europe.

It is important for enterprises to optimise opportunities for market expansion via tariff reduction and removal of non-tariff barriers to promote exports, as well as improve shipments to markets that have signed free trade agreement (FTA) with Vietnam.

Equally essential is pushing ahead with bilateral and multilateral trade negotiation activities, facilitating exports of local staples and attracting foreign direct investment from developed countries with signed FTAs in a bid to receive new cutting edge technology and increase competitiveness for intensified involvement in the global goods supply chain.

The project suggested enacting measures to support businesses to join trade promotion activities in overseas markets, especially at trade fairs, to seek key trade partners and develop Vietnamese goods under the National Brand Programme.

It is also necessary to step up market surveys and bring made-in-Vietnam goods to new markets in Africa and Latin America together with potential ones in northern and eastern Europe, the Commonwealth of Independent States (SNG), the southern Pacific Ocean region (East Timor, Palau, and Vanuatu), the northeast region (Mongolia and the Democratic People’s Republic of Korea) and some states in the central US.

Studying and building strategies to expand and stabilise export markets for key products in each period is recommended along with encouraging and supporting businesses to join and increase comprehensive cooperation in major overseas production and distribution networks.-VNA