09:31 | 15/03/2017 Trade
(VEN) - Many exhibitions and trade fairs have been held for Vietnamese goods in foreign markets. The Vietnamese Goods Week at the Tokyo Gift Show and the Hanoi Goods Week in Moscow were two of the most notable ones, attracting foreign consumers.
Vietnamese goods fairs and exhibitions in foreign markets help Vietnamese goods
gain a foothold abroad
Hanoi has hundreds of craft villages producing numerous products for export. The city’s fine art and handicrafts were showcased at the Tokyo Gift Show in September 2016. Nguyen Gia Phuong, director of the Hanoi Investment, Trade and Tourism Promotion Center (HPA), said the fair provided an opportunity for Hanoi businesses to introduce their products and services, learn about the Japanese market’s trend and taste, sign trade exchange contracts and approach trade partners.
With diverse designs and reasonable prices, Vietnamese goods attracted Japanese consumers. At the fair, Vietnamese companies signed export contracts totaling US$300,000 in value, including three contracts worth almost US$60,000 with the Hoa Binh Bamboo and Rattan Ware Co. Ltd., a US$40,000 contract with the Tohe Joint Stock Company, and three contracts worth US$160,000 with LC Home Co. Ltd.
HPA held its Vietnamese Goods Week in Moscow for the second time in 2016. The week was successful, providing the opportunity for 95 domestic businesses to introduce and sell 30 tonnes of porcelain and handicrafts and 22 tonnes of farm produce, processed foods, textiles, garments and footwear. Many enterprises signed contracts to export products to Russia. For example, the Trong Duc Cocoa Co., Ltd signed a contract with the Inter Cacao Vladimir Panov to export cocoa to Russia; the Nam Chau Son Co., Ltd and the Inter Stroi Torg signed a farm produce export contract, while the Nam Binh Minh Co., Ltd signed a consumer goods export contract with BUVPROM Viacheslaskaduysev.
Duong Hoang Minh, Trade Counselor of the Vietnamese Embassy in the Russian Federation, said Vietnamese-Russian trade is expected to experience a strong growth in the near future. Vietnam exports farm produce including seafood, coffee, tea and rice, textile and garment, footwear, phones, and computers to Russia, while Russia exports to Vietnam wheat, meat, dairy, alcohol, fertilizers, machinery and equipment for automobile assembly, and iron and steel.
As soon as the Vietnam-Eurasia Economic Union Free Trade Agreement (VN-EAEU FTA) took effect in October 2016, 60 percent of tariff lines had been zeroed, and an additional 30 percent will be zeroed out within a few years, providing more opportunities for businesses to export Vietnamese goods to Russia. Events like the Hanoi Goods Week in Moscow will contribute to creating new trade relations and strengthening the existing ones between the two countries.
Vietnam has signed many free trade agreements (FTAs) in the region and farther afield such as a pact with the European Union, with the Eurasia Economic Union and the Republic of Korea (RoK). Vietnam is intent on increasing the penetration of its goods in these markets.
Dang Hoang Hai, director the European Market Department of the Ministry of Industry and Trade said businesses should understand and abide by import and export regulations of specific markets and study consumer habits and tastes in each market to look for appropriate trade partners. In the process of penetration, they should take the initiative in requesting trade promotion agencies for assistance in the form of information about standards and market and consumer taste, he added. Businesses can work with international distributors on ideas, designs and production activities to ensure their products are made in accordance with the requirements and demands of importers and consumers in target markets.
To assist businesses in promoting and introducing Vietnamese goods in foreign markets, HPA will continue to hold Hanoi Goods Weeks in countries that have signed FTAs with Vietnam, such as Japan’s AEON and E-Mart from the RoK, HPA Director Nguyen Gia Phuong said. Such activity is expected to help Vietnamese brands get established in foreign markets and increase the export of Vietnamese goods.
Vietnamese goods exhibitions and trade fairs in foreign markets have increased the presence of Vietnamese goods abroad
while helping businesses earn export revenues of millions of US dollars annually. For example, businesses earned annual
export revenues of US$20-30 million through Thai-owned or formerly French-owned Big C supermarkets and around US$1
million through Korean-invested Lotte marts.