A seafood export business displays its products to domestic consumers. (Photo nld.com.vn) HCM City (VNS/VNA) - The Vietnamese market with a population of nearly100 million is attracting both foreign and local food suppliers, with manylocal exporters turning to the domestic market to overcome this difficultCOVID-19 period.
With the pandemic affecting exports and tourism, the domestic market continuesto be a bright spot for the economy, the Ministry of Industry and Trade (MoIT)said.
Le Ba Minh, director of the Pacific Foods JSC Company, a fish sauce exporter tothe US market, said with more than 10 years of conquering the US market. Itsfish sauce products also is the best-selling fish sauce on Amazon e-commerceplatform after only a year launched the fish sauce products on this floor.
In June, the company started selling in the domestic market through e-commerceplatform Shopee.
"The fish sauces for the domestic market have the same quality as exports.We prepared for two years to develop our domestic market."
The Minh Phu Seafood Group has been known as the ‘Vietnamese shrimp king,’ butits products could never be found in the domestic market because they wereexclusively meant for exports.
At many trade events held in the country Minh Phu used to have a booth, butalways targeted at foreign clients. However, in recent months, Vietnameseconsumers have been surprised to see advertisements for its products appear onsocial media.
The company management explained that since its products are free ofantibiotics and impurities, their prices are higher than others sold in thedomestic market.
Analysts explained that Vietnamese consumers used to be price-conscious, butliving standards are now increasing due to rapid economic growth and foodsafety has become a factor, persuading exports-only firms to look at thedomestic market, especially with COVID-19 hitting exports.
The domestic market of nearly 100 million people is large enough for businessesto overcome difficulties and challenges during the COVID-19 pandemic, accordingto the MoIT.
It has launched programmes to stimulate consumption and support businesses.
With support from localities, businesses and business groups and, especially,consumers, they are stimulating consumption and retail sales in the country./.
With the pandemic affecting exports and tourism, the domestic market continuesto be a bright spot for the economy, the Ministry of Industry and Trade (MoIT)said.
Le Ba Minh, director of the Pacific Foods JSC Company, a fish sauce exporter tothe US market, said with more than 10 years of conquering the US market. Itsfish sauce products also is the best-selling fish sauce on Amazon e-commerceplatform after only a year launched the fish sauce products on this floor.
In June, the company started selling in the domestic market through e-commerceplatform Shopee.
"The fish sauces for the domestic market have the same quality as exports.We prepared for two years to develop our domestic market."
The Minh Phu Seafood Group has been known as the ‘Vietnamese shrimp king,’ butits products could never be found in the domestic market because they wereexclusively meant for exports.
At many trade events held in the country Minh Phu used to have a booth, butalways targeted at foreign clients. However, in recent months, Vietnameseconsumers have been surprised to see advertisements for its products appear onsocial media.
The company management explained that since its products are free ofantibiotics and impurities, their prices are higher than others sold in thedomestic market.
Analysts explained that Vietnamese consumers used to be price-conscious, butliving standards are now increasing due to rapid economic growth and foodsafety has become a factor, persuading exports-only firms to look at thedomestic market, especially with COVID-19 hitting exports.
The domestic market of nearly 100 million people is large enough for businessesto overcome difficulties and challenges during the COVID-19 pandemic, accordingto the MoIT.
It has launched programmes to stimulate consumption and support businesses.
With support from localities, businesses and business groups and, especially,consumers, they are stimulating consumption and retail sales in the country./.
VNA
