Exporters advised to further tap into European market
Vietnamese exporters should further exploit the 28-member European Union to increase their market share in the promising region, Vietnam Trade Counsellor in Germany Bui Vuong Anh has said.
Addressing a conference on trade promotion to the European market held by the Ministry of Industry and Trade (MoIT) held on November 25, he noted that Vietnam’s exports account for only 2% of European imports.
Major exports from Vietnam with advantages in the market include agricultural and aquatic products, processed foods, footwear, garments and textiles, and some high value-added product categories, such as electrical products, electronics, telephones, equipment, and machinery.
There is still room for Vietnamese exporters, Anh said advising enterprises to optimise their advantages in agricultural and aquatic products, garments and textiles, and footwear to quickly increase market share in the region. For seafood products, enterprises should pay attention to origin warnings. He added that the EU is now increasing the frequency of checks on seafood exports from Vietnam.
The EU has 28 members but exports from Vietnam primarily go to just a few countries, such as Germany, the Netherlands, Italy, France, and Austria.
That enterprises only focus on a few markets puts them at risk, especially when the market experiences fluctuations, as it did from COVID-19. It is therefore necessary to consider expanding market share throughout the region. According to a representative of the trade office in Sweden, Vietnamese enterprises could immediately expand their market share in northern Europe, and products with great potential include garments for women, seafood, footwear, unroasted coffee beans, and unshelled cashew nuts.
