Trade promotion profesionalized to get bigger EU market share

Therefore, the Ministry of Industry and Trade (MOIT) is actively implementing the accelerating of intensive trade promotion activities, such as market research and partner appraisal, in order to effectively take advantage of the opportunities brought about by the EVFTA.

Advantages and difficulties

According to the MOIT, with its strong commitment to market opening, the signing of the EVFTA will create a big boost for Viet Nam’s export growth, helping to diversify the export markets and products, especially for Viet Nam’s agro-fishery products and other products with competitive advantages.

In addition to the EVFTA, the EU-Vietnam Investment Protection Agreement (EVIPA) has also been signed, making the market become opener. This will encourage European businesses to strengthen their investment in Viet Nam, enabling Vietnamese firms to access many sources of import goods and materials, as well as high-tech machines and equipment from the EU with good quality and at reasonable prices, thereby increasing their productivity and improving the quality of their export products.

This is an important motivation for ministries, localities and the Vietnamese business community to accelerate trade promotion activities for exports to the EU market, key export items such as seafood, vegetables and flowers, processed agricultural products, electronics and components, footwear, garment and textiles.

In addition, the EU countries have a high and relatively equal level of socio-economic development, and have already shaped a common market with developed trade infrastructure. Trade promotion events taking place in the EU nations are always of a leading scale, attracting a large number of customers from other continents.

Therefore, the organization or participation in trade promotion activities in the EU countries is considered favorable and more effective, because from an EU nation, Viet Nam can easily access import partners and consumers of not only the EU member countries but also many other markets in the world.

Accelerating intensive trade promotion for businesses

As assessed by the MOIT, the new-generation FTAs, such as the EVFTA, coming into effect will bring both opportunities and challenges for Vietnamese firms, especially the exporting enterprises. Regarding opportunities, the EVFTA helps diversify export markets and goods, especially for Viet Nam’s agro-fishery products and products with competitive advantages.

However, competition in the goods and service market will surely become fiercer. Therefore, the MOIT will drastically implement the acceleration of intensive trade promotion activities, such as market research and partner appraisal, in the time ahead in order to making effective use of the opportunities offered by the EVFTA.

By Vien Nhu