Southern province seeks foreign markets and investment

09:58 | 02/01/2020 Trade

(VEN) - The Ministry of Industry and Trade (MoIT) and the Ba Ria-Vung Tau People’s Committee recently held a conference on the export and investment potential of the province, located in the Southern Key Economic Zone. Participants included officials from the southern region and representatives of foreign trade promotion agencies in Vietnam.

southern province seeks foreign markets and investment
A representative of a foreign enterprise explores the specialties of Ba Ria-Vung Tau

Addressing the conference, Deputy Minister of Industry and Trade Do Thang Hai said that after more than 30 years of implementing the renovation and opening policy, Vietnam is integrating deeply into the world economy and creating a favorable legal framework for the development of economic and trade relations with numerous countries worldwide.

Deputy Minister Do Thang Hai said the event would open up new opportunities, continue to create conditions for diplomatic agencies and foreign trade representatives to strengthen trade and investment relations with localities in Vietnam and create a long-term and sustainable business environment.

Nguyen Thanh Long, acting Chairman of Ba Ria-Vung Tau People’s Committee said that based on the strategy of developing Ba Ria-Vung Tau into a port city, the province has attracted investment in the support, high-tech, processing and manufacturing industries and in trade and logistics services (such as infrastructure in depots, transportation, human resources training and other related services).

At the conference, representatives of Vietnamese businesses and foreign trade offices presented their expectations, and suggestions to facilitate market connections. For example, a representative of the Thuan Hue Trade and Production Joint Stock Company said the firm wants to export fish to Russia and import raw materials from Indonesia and Malaysia.

Dmitry Makarov, a representative of the Russian Trade Office in Vietnam said that although Russia exports 40 percent of its seafood, it still needs to import seafood products from Vietnam. Vietnam has potential in seafood product processing, especially of tuna, and suggested that Vietnamese exporters directly contact the Russian Trade Office in Vietnam for support.

The Ambassador of Panama said his country is in dire need of Vietnamese goods and can serve as a transshipment point for Vietnamese goods to Latin America.

A representative from the Thai Trade Office said more and more Vietnamese goods are present in Thailand, whose residents are getting used to the tastes and quality of the products.

Meanwhile, a representative of the Cambodian Consulate General in Ho Chi Minh City said his country holds great potential for Vietnamese goods as a whole, including those from Ba Ria-Vung Tau.

In the first nine months of 2019, Vietnam’s import-export revenue totaled US$382.16 billion, a year on year increase of 8.4 percent. Exports accounted for US$194.65 billion and imports for US$187.5 billion, both up by 8.4 percent compared to the same period of 2018.

Tran The