The Ministry of Industry and Trade (MoIT)’s Vietnam Trade Promotion Agency held a seminar in Hanoi on May 25 to promote trade to the Middle East and Africa.
Hanoi (VNA) – The Ministry of Industry and Trade (MoIT)’s Vietnam Trade PromotionAgency held a seminar in Hanoi on May 25 to promote trade to the Middle Eastand Africa.
Speaking atthe event, deputy head of the MoIT’s Department of Africa, West Asia and SouthAsia Markets Ngo Khai Hoan said with a vast area and big population, the MiddleEast and Africa have high demand for imports, many of which are Vietnam’s keycurrency earners such as apparel, leather, footwear, and farm produce.
Vietnam hasdiplomatic ties with more than 70 countries in the regions, making it easierfor Vietnamese goods to expand market share.
Vietnam’sexports to the regions are growing, including rice, coffee, pepper, leather andfootwear, electronic accessories, machinery and equipment, tools and spareparts.
MiddleEastern and African countries have high demand for fisheries, foodstuff,consumer goods, plastic materials, computers, electronics and spare parts, fueland machinery.
However,Vietnamese firms have been warned about security instability, racial andreligious conflicts, cultural differences when it comes to navigating regionalmarkets. Also, several regional enterprises are unfamiliar with opening lettersof credit.
To minimiserisks, the MoIT advised domestic firms to thoroughly study markets and staycautious of attractive deals and online partners. They should closely followpolitical news while joining international exhibitions and fairs, and businessforums to look for prestigious buyers.
About DocumentsAgainst Payment forms, Vietnamese firms were advised to request deposits of atleast 30 percent.-VNA
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Illustrative image (Source: VNA) 
