Vietnam sees export potential in new markets in EU

VNEconomyNews.com - European Union’s countries of Austria, Slovakia and Slovenia are small but potential markets for Vietnam’s exports in the future besides current big markets like Germany and the UK, a trade official said on Tuesday.

The Ministry of Industry and Trade on Tuesday held an online dialogue at www.ttnn.com.vn, a foreign market online gateway, helping domestic firms have more information about these new markets.

Vietnam’s enterprises were having few and spontaneous exports to the three markets due to a lack of information, said counselor Nguyen Thi Thu Huong from Vietnam Trade Office in Austria.

Exports to these small markets, also known as EU members, must meet EU’s regulations and demands of quality and hygiene. Specifically, products shipped to Austria need to have the standard ISO, and contain environment-friendly materials only.

However, each market has specific demands that Vietnam can supply.

Slovenia, having a population of over two million people and high living standards, is considered as a place for Vietnamese firms to penetrate into other markets in EU. Vietnamese products can be easily transported to regional countries from Slovenia through Koper Port, Huong said.

China, Japan and South Korea are also taking advantage of this port to penetrate EU’s markets, according to Huong.

Seafood is a potential product for these markets, especially Austria with high seafood consumption, due to their disadvantages of fishing. Tra fish export to Slovenia and Slovakia are not big although they favor this kind of fish due to low prices and good quality.

Besides, Austria has a strong need of services and products with a total import from Vietnam of around US$119 million in the first seven months, including machines, shoes, pharmaceuticals and steel. An Austrian delegation is planning to visit Vietnam in November.

Huong also reminded local firms of checking information of foreign partners through Vietnam’s trade offices before signing contracts to avoid commercial frauds.

August 31, 2011

Source: vneconomynews.com