Vietnam urged to focus on German market
(VOV) - Vietnam and the EU are speeding up negotiations for a Free Trade Agreement (FTA), which offers a great opportunity for Vietnamese businesses to break into the German market, Deputy Minister of Industry and Trade Tran Tuan Anh recently said.
However, Anh cautioned, that Vietnamese business enterprises need to step up their game and attach higher importance to product quality if they expect to be competitive in the vibrant German market and make any significant headway into it.
Anh said that subsequent to the FTA, product quality would become the key factor for competition as Germany is well-known for being a high demanding market where quality is put on a pedestal and reigns.
Anh urged businesses to study the German market, adjust their business strategies and pay particularly special attention to developing innovative designs and filing for trademark protection in the market.
Germany has become Vietnam’s largest trade partner within the EU bloc with two-way trade turnover having increased on average by 15% per year, according to the Import-Export Department under the MoIT.
In the first ten months of this year alone, the two-way trade turnover reached US$6.47 billion. The country’s key exports to the market were telephones and components, garments and textiles, computers, electronics, seafood, bags, suitcases and caps.
Experts, however, said Vietnamese exports have comprised just 0.2% of the German market’s demand, which would open up bright prospects and ample opportunities for Vietnamese goods to pierce the market.
In addition, signed important agreements have laid a solid foundation for strengthening bilateral trade and economic ties in the future.
At present, more than 125,000 Vietnamese people have also chosen to reside in Germany, offering a good opportunity for businesses to find a niche in the market and cater to their demand for goods and services.