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Businesses cautious in dealing with financially-strapped Greek partners
Although the Government and Ministry of Industry and Trade (MOIT) have not made any official recommendations, Vietnamese businesses have become more cautious when doing business with Greek partners
Exporters have become more careful when exporting products to Greece, as they have become aware of risks due to financial problems in the country, especially in payments.
According to Nguyen Canh Cuong, Deputy Head of the European Market Trade Policies Department under MOIT, the trade turnover between Vietnam and Greece remains very small compared with other European countries, just $100 million per annum.
Greece mainly imports garments, handicrafts, footwear and souvenir products from Vietnam through small contracts. Large contracts are all exported through Italy and Germany since Vietnamese enterprises still do not have long-term, sizeable partners in Greece.
“Vietnamese enterprises that have troubles when exporting products to the country should contact the commercial affairs division through the Vietnam Embassy in Italy for help, since the division covers Greek affairs,” Cuong advised.
Cuong remarked that, in general, the two way trade between Vietnam and the European Union (EU) is not likely to be influenced by current economic problems in Greece.
In 2009, the global financial crisis and economic downturn made the Vietnam-EU import-export turnover decrease by 6.6 percent compared to 2008. Yet turnover was over $15 billion, the threshold targeted by the Government for 2010 under the Vietnam-EU overall plan on Vietnam-EU relationship development.
In 1981, Greece became a member of the European Union. The nation officially joined the Eurozone in 2001, providing an opportunity for Greeks to access the international capital market.
vietnamnet, TBKTVN
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