Vietnam seeks foothold in Turkish market

06:00 | 29/05/2020 Cooperation

(VEN) - Although the commodity structures of Vietnam and Turkey compete with each other, Vietnamese enterprises can increase sales in Turkey if they know how to exploit the niche market, said Le Phu Cuong, Vietnamese Trade Counselor in Turkey, in an interview with Vietnam Economic News’ Thu Phuong.

vietnam seeks foothold in turkish market
Le Phu Cuong, Vietnamese Trade Counselor in Turkey

How will the global economic downturn affect bilateral trade?

Turkey is a potential market for Vietnamese exports, as it has a large economic scale and high consumer demand. However, Vietnam’s exports have accounted for only 0.5 percent of Turkey’s import value. Almost no Vietnamese brands are sold in Turkey. Instead, importers attach other, more familiar labels to goods from Vietnam, and consumers do not know their origin.

Under the impact of the Covid-19 pandemic, Vietnam’s exports to Turkey will face difficulties, but raw materials for manufacturing, such as rubber, fiber, and Vietnamese exports with geographical indications still have development opportunities in Turkey. Enterprises should develop branding and geographical indications introduction.

Turkey has a highly developed industrial production. How can Vietnamese enterprises penetrate this market?

Turkey has developed industrial sectors, while Turkish businesses are quite dynamic and look for supplies with competitive costs. Vietnamese enterprises need to supply products at competitive prices and quality, which meet Turkish technical standards, if they are to penetrate this market.

Vietnamese businesses can exploit niche markets in Turkey by studying consumer trends and tastes as well as policies in local markets. For example, Turkey has adopted a policy to restrict consumption of plastic packaging and bags, and Vietnamese enterprises can provide organic products including self-destructive packaging.

What has the Vietnamese Trade Office in Turkey done to help Vietnamese enterprises find new markets in the context of the Covid-19 pandemic?

We inform the Ministry of Industry and Trade and update enterprises on the market situation in Turkey, including changes in import and export policies, especially regulations on licensing exports for pandemic control. We work with farm produce importers in Turkey and connect them with agricultural product exporters in Vietnam. We assist Vietnamese enterprises to import goods for Covid-19 pandemic control. Vietnamese manufacturers have signed and realized a number of contracts to import medical masks, materials for medical mask production and non-woven fabrics for antibacterial clothing production.

vietnam seeks foothold in turkish market
Introducing Vietnamese products in Turkey
At the end of April, the Vietnamese Trade Office in Turkey, in coordination with a number of organizations, held an online bilateral trade promotion event, attracting about 30 Vietnamese enterprises.

Thu Phuong