Africa represents potential market for Vietnamese goods

Africa has been identified as a potential export market for Vietnamese goods, with a particular focus on farm produce, according to the Ministry of Industry and Trade.

Nguyen Minh Phuong, an official of the Ministry of Industry and Trade’s Asia-Africa Market Department says the Vietnamese import and export turnover to Africa has consistently increased over the past three years, with the country now enjoying a trade surplus with the market.

Despite this growth, experts point to a number of different hurdles that exist in order to penetrate deeper into this market, including geographical distance, different customs, language barrier, and complicated payment methods, especially fraudulence when it comes to carrying out transactions.

Nguyen Duy Hung, head of the Vietnamese Trade Office in Egypt, therefore advises local businesses to comply with Halal standards as a means of making further inroads into the market as Egypt is a majority Muslim country.

The trade representative underscores the importance of State-owned companies helping with the process of distributing Vietnamese goods, noting that local firms should not sign contracts via brokers to avoid risks of trade fraud.

Do Viet Phuong, Vietnamese Trade Counselor in Morocco, says the Moroccan market also shares many similarities with other markets within the African bloc.

He recommends that Vietnamese businesses request legal documents from foreign partners operating in this market, use reputable banks and immediately contact competent authorities to resolve any problems which may arise.

Source: VOV