Local firms suggested promoting trade with Middle East
Updated : Tuesday, January 09, 2018 9:07 AM (GMT+0700)

Localbusinesses should consider promoting trade to the Middle East market as astrategic and long-term orientation amid the falling demand in traditionalmarkets, according to the Department of Asia-Africa Markets under the Ministryof Industry and Trade (MoIT).

 
Tra fish processing for export - Source: VNA

Nguyen Minh Phuong from thedepartment highlighted the potential of the Middle East market, saying that itboasts a huge purchase power, with standards which are suitable for Vietnamesefirms.

However, she Phuong alsounderlined obstacles hindering Vietnamese exporters from entering the market,including unstable political situation in the Middle East, difference inculture, language between Vietnam and the region, as well as lack of astrategic and long-term strategy among Vietnamese exporters.

Le Thai Hoa, Deputy Directorof the agency urged local businesses to develop long-term plans to enter themarket by developing a competent staff with good understanding of the regionalculture and language.

The Government approved aproject on the development of the Vietnam – Middle East ties by 2025, Hoa said,adding that the ministry is working to issue an action plan to implement theproject.

Besides, the ministry hasregularly hosted trade promotion events to help domestic firms approach theMiddle East market, while instructing its trade offices in the region to keepVietnamese exporters updated on the market’s situation and opportunities, Hoasaid.

Publicity campaigns havebeen conducted to introduce Vietnamese goods to the market, with the hope ofentering the retailer network in the region, he added.

According to the ministry,trade between Vietnam and the Middle East reached 12.8 billion USD in 2017, up17.4 percent from 2016.

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

The country mostly importedmaterials for domestic production, such as plastic, liquefied gas, electronicspare parts, machines, and animal feed, from the Middle East.

Source:VNA

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