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Exporters to rely on key markets
Having faced numerous barriers while expanding to new export markets, many local businesses have temporarily put such efforts on hold to focus on key markets with which they already have strong relationship.
According to the Ministry of Industry and Trade, Viet Nam has made great efforts to get a better foothold in markets in Africa, the Middle East and Latin America in 2010. However, these markets are far away from Viet Nam and have various differences in terms of customs, cultures and consumption habits. As a result, progress remains limited despite concerted efforts from both sides.
A number of exporters have even refused to ship products to Russia – a traditional market that is expected to help them boost their overall export turnover – due to import tariff barriers and methods used to calculate taxes.
Chairman of the Viet Nam Textile and Apparel Association (Vitas) Le Quoc An said the European Union (EU), Japan and the US remained top choices for domestic companies.
This opinion is fuelled by the fact that most of the 57 overseas trade promotion projects funded by the ministry target these markets. Along with such programmes, the enterprises have joined in specialised fairs to introduce their products to overseas' customers.
From April to October, a number of associations will participate in fairs and exhibitions in the US. Vitas plans to take part in the GlobalTex Fair in Los Angeles and the Magic Show Fair in Las Vegas, while the Viet Nam Timber and Forest Product Association will join an international fair and exhibition on wooden furniture in Chicago and the Viet Nam Coffee and Cocoa Association will conduct a fact-finding tour in New York.
In the EU market, the Viet Nam Co-operative Alliance, the Viet Nam Software Association and the Trade Promotion Centre for Agriculture will participate in fairs in Italy, Germany and France, respectively.
Also, domestic businesses are striving to fully tap the advantages offered by the Viet Nam-Japan Economic Partnership Agreement to boost exports of garments, footwear, handicraft products, wooden furniture and agro-fishery products to this market.
Experts have forecast that this year's exports will not see breakthrough growth, as Viet Nam's key markets have yet to recover completely, citing earnings of US$8.9 billion in the first two months – an equal volume to that of the same period last year.
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