OV businesses help introduce local goods to global market

The event provided an ideal venue for overseas business representatives to share their  experience and propose solutions to help Vietnamese goods gain a firm foothold in the international market.

Prof. Nguyen Dinh Phu, president of the Vietnam Entrepreneurs Association in the US, noted that the Vietnamese business community not only develops the host nation’s economy but also helps accelerate international trade and investment, including the growing trade ties between Vietnam and the United States.

Vietnamese enterprises ranked third among Asian firms operating in the US with over 310,000 business facilities generating revenue of roughly US$35 billion annually, he said adding they serve as a bridge to support Vietnamese enterprises participate in trade promotion activities, including fairs, exhibitions, and seminars

In addition, he said the community also provides local firms with useful information on US legal regulations concerning origin traceability, product quality, and design to minimise trade risks in the future.

Prof. Phu affirmed that there remains plenty of room for the export of advantageous Vietnamese products such as seafood, agricultural products, textiles, footwear, furniture, and furniture to the US. He suggested that businesses seek to strengthen connectivity and co-operate in maritime logistics, aviation, sustainable freight transport, and warehousing services.

David Duong, chairman of the Vietnam American Business Association (VABA), underscored the importance of meeting the stringent requirements set by the US on product standards and offering competitive prices as a means of making further inroads into the demanding market, as well as promoting Vietnamese products on social networking platforms.

Sharing this perspective, Peter Hong, vice chairman of the Business Association of Overseas Vietnamese, advised local enterprises to pay close attention to product packaging and prices to further penetrate the US market, while simultaneously targeting other markets such as India, the Middle East, and African countries along with traditional markets like China and Europe.

Ho Van Lam, chairman of the Thailand-Vietnam Business Association, revealed that the association will continue to deploy trade exchanges in support of local businesses connecting overseas Vietnamese in Thailand, as well as introducing Vietnamese goods at trade fairs in the country.

In particular, he suggested that Ho Chi Minh City organise programmes for overseas Vietnamese businessmen to visit the southern city’s production and processing facilities in order to gain greater insights into its advantageous agricultural products and consumer goods.

Phan Thi Thang, vice chairman of the People's Committee of Ho Chi Minh City, welcomed the participants’ initiatives and recommended that the overseas Vietnamese community expand the scale of trade promotion activities, establish strategic links among distribution enterprises and producers, and strengthen connectivity to develop supply chains in the future.