VOV.VN - Farm produce enterprises must strive to meet GlobalGAP or EuroGAP standards in order to expand their market share in the UK, according to the Ministry of Industry and Trade.
Nguyen Canh Cuong, Vietnamese Trade Counselor to the UK, said the enforcement of the UK-Vietnam Free Trade Agreement (UKVFTA) has served to help local agricultural items enjoy advantages within the UK market.
Despite this positive, Cuong noted that these opportunities may not be long lasting due to the UK being poised to join the Comprehensive Trans-Pacific Partnership (CPTPP), whilst it is also actively pursuing bilateral FTAs with other partners in order to enjoy further tax incentives.
Therefore, Vietnamese enterprises can gain entry to the stringent market by fully abiding by GlobalGAP or EuroGAP standards, along with applying international management standards such as ISO, SA, and ILO, whilst goods are required to meet the tastes of British consumer, Cuong stressed.
Moving forward, Vietnamese businesses must also ensure stable supply sources in both quantity to develop sustainable co-operation with British partners, he added.
Along with surpassing strong competitors from Thailand, Malaysia, Indonesia, South Africa, and India, local businesses are advised to come up with a suitable market access strategy through gaining the support of local marketing experts in the host country.
Last year saw the UK import over 5.7 million tonnes of fruit and vegetables, worth approximately US$9 billion, of which fruit and vegetable imports from Vietnam reached only US$11.5 million, accounting for a mere 0.18% of the market share.
Rice imports into the UK last year also increased by 13.5% from 671,601 tonnes, with rice imports from the Vietnamese market reaching 3,396 tonnes worth roughly US$1.3 million, accounting for 0.45% of the market share.
Experts therefore believe that there remains plenty of room for local firms to penetrate the UK market in the future, providing that they have met strict requirements set by the fastidious market.