Focus should be placed on researching and analysing policies and markets to promptly propose solutions to remove obstacles of technical and non-tariff barriers to exports. (Photo: VNA) Hanoi (VNS/VNA) ও- Enterprises should look for nichemarkets to better cope with declines in exports in major markets, said theMinistry of Industry and Trade.
At a meeting with trade counselors on July 31, the ministrysaid Vietnam’s exports to most major markets saw declines so far thisyear due to falling consumption around the world.
Key industries such as garments and textiles, footwear, wood, machinery, phonesand components saw double-digit decreases in exports to major markets such asthe US and the EU.
Deputy Minister of Industry and Trade Do Thang Hai said that enhancing tradepromotion played an important role in creating growth through marketexpansion and exports.
Truong Van Cam, Deputy President of the Vietnam Textile and ApparelAssociation, said that 85% of production capacity from textile and garmentfirms was for export, and needed accurate market information todevelop their strategies.
Phan Thi Thanh Xuan, General Secretary of the Vietnam LeatherFootwear and Handbag Association, said that new regulations in markets like theEU and the US are causing domestic producers and exporters headaches. They arein dire need of support to get the most up-to-date information regarding tradepolicies and regulations to deal with difficulties in export markets.
The wood industry is expected to face a slump in exports this year after 15years of rapid expansion. Ngo Sy Hoang, Deputy President of the Vietnam Timberand Forest Products Association, said that in order to regain export growth,the wood industry needs support to expand into new markets and convey themessage that Vietnam strongly implements its commitments to legal timber.
According to Tran Ngoc Quan at the Vietnam Trade Office in Belgium, the EUis preparing to issue new regulations related to the environment, sustainabledevelopment, carbon emissions, the right to repair and recycle, human rights,and anti-deforestation acts.
These regulations pose a concern as it would be difficult for Vietnameseenterprises to export under their own brands because the EU requires achain for purchasing and processing products for recycling.
The EU–Vietnam Free Trade Agreement (EVFTA) provided opportunities to increaseexports to the EU, he said. On the other hand, the EU is shifting strongly to acircular economy, Quan said, urging domestic enterprises to take action forconversion because when the regulations come into force, they will stronglyaffect exports.
Do Manh Quyen, head of the Houston Branch of the Vietnam Trade Office in theUS, said that major export products of Vietnam saw significant drops in the USrecently. Enterprises need to redefine their production and business strategiesand increase the understanding of regulations to promote exports to the US,together with improving product quality and renovating production technologies.
Quyen also urged businesses to find niche markets to cope with the disruptionscaused by falling demand. Trade promotion should also be enhanced to findopportunities to settle inventories.
Hai urged Vietnamese trade counselors to strengthen market and policystudies to provide consultancy regarding market development strategies andtrade exchanges.
Focus should be placed on researching and analysing policies and markets topromptly propose solutions to remove obstacles of technical and non-tariffbarriers to exports, he said.
He urged cooperation among relevant agencies to be enhanced to grow exportsto major markets and create conditions for enterprises to participate in globalsupply chains.
ﷺ Enterprises must strictly comply with the requirements of key export markets interms of origin traceability and production procedures to be able to expand exports,Hai said./.
