ASEAN market boasts opportunities for Vietnamese firms: official

Amid the COVID-19 pandemic’s severe impacts on global supply chains, the ASEAN market in close proximity with Vietnam is holding opportunities for the country’s enterprises, an official has said.

ASEAN market boasts opportunities for Vietnamese firms: official hinh anh 1

A worker sorts lychees for export. (Photo: VNA)

The Association of Southeast Asian Nations (ASEAN) is the fourth largest importer of Vietnamese goods, following the US, China, and the EU, Nguyen Phuc Nam, Deputy Director of the Asia - Africa Market Department under the Ministry of Industry and Trade, told an international workshop held both in person and virtually on November 26.

Trade between Vietnam and nine other ASEAN countries fell slightly in 2020 due to the pandemic, by 6.8 percent year on year to 53.6 billion USD. Thanks to efforts to seize opportunities in the ASEAN market, the figure bounced back to reach 56.6 billion USD in the first 10 months of 2021, up 30 percent from a year earlier.

With the close proximity with Vietnam, trade with the ASEAN countries helps businesses save logistics costs and more transportation choices such as by sea, road, or air.

Besides, consumption similarities can also help Vietnamese goods enter and win over support in the ASEAN countries, Nam said, adding that export to regional markets is the first step for commodities from Vietnam to enter others with stricter standards.

Most of goods traded with the ASEAN countries have benefited from preferential tariffs of zero percent under the ASEAN Trade in Goods Agreement, or some more special treatment under the bilateral deals Vietnam has signed with Laos and Cambodia.

 

In the time ahead, when the ASEAN countries accelerate measures for post-pandemic economic recovery such as market opening, supply chain ensuring, and trade facilitation, Vietnamese businesses will have optimal conditions to further tap into this market’s potential, according to the official.

Nam pointed out that many enterprises have not paid due attention to this market or grasped information about its members, particularly since the COVID-19 pandemic broke out. Meanwhile, the ASEAN countries are now in the recovery process and have great demand for imported goods.

Tran Thi Thanh My, Trade Counsellor of Vietnam in Thailand, said Thailand has eased export - import restrictions to facilitate trade and resume supply chains to meet global goods and service demand. This is a great chance for Vietnamese exporters, she said.

Meanwhile, Singapore is interested in food production cooperation so as to produce 30 percent of its food needs by 2030. Therefore, agricultural businesses have many cooperation chances in this field, according to Trade Counsellor in Singapore Tran Thu Quynh./.

Source:VNA

 
 

Other News

.
Largest-ever support package to strengthen farmers
Largest-ever support package to strengthen farmers
BUSINESSicon  11/01/2022 

The Government has just submitted a support package of VND350 trillion (US$15.43 billion) for socio-economic recovery and development to the National Assembly.

Real estate market anxiously awaits new regulations
Real estate market anxiously awaits new regulations
FEATUREicon  10/01/2022 

The National Assembly this morning began discussing the amending of eight laws.

Tet online sales kick off one month before Tet
Tet online sales kick off one month before Tet
FEATUREicon  10/01/2022 

Everything now can be purchased online, from food for Tet parties to smartphones.

Positive indicators light up footwear trade to US
Positive indicators light up footwear trade to US
BUSINESSicon  10/01/2022 

Vietnam is emerging as one of the largest suppliers of footwear and leather accessories to the United States, opening more opportunities for domestic companies to exploit the world’s largest market for these goods.

Goods congestion at border gates needs to be solved before Tet: Deputy PM
Goods congestion at border gates needs to be solved before Tet: Deputy PM
BUSINESSicon  10/01/2022 

Deputy Prime Minister Le Van Thanh has requested ministries, sectors and localities to closely coordinate with Chinese agencies to speed up customs clearance, striving to have no congestion of cargo trucks at border gates before Tet.

HCM City businesses overcome economic 'storm'
HCM City businesses overcome economic 'storm'
BUSINESSicon  10/01/2022 

Many enterprises in HCM City have successfully contributed to the economic recovery and development of the city after the pandemic.

VIETNAM BUSINESS NEWS JANUARY 10
VIETNAM BUSINESS NEWS JANUARY 10
BUSINESSicon  10/01/2022 

Gov’t sets deadline for completion of Long Thanh airport

Positive outlook for insurance stocks as 2022 arrives
Positive outlook for insurance stocks as 2022 arrives
BUSINESSicon  09/01/2022 

State capital divestment planning and the removal of limitations on foreign ownership are expected to drive insurance stocks to flourish in 2022.

AmCham Vietnam to promote increased trade and investment ties in Vietnam
AmCham Vietnam to promote increased trade and investment ties in Vietnam
BUSINESSicon  09/01/2022 

AmCham will continue to work on lowering barriers to trade and creating a high-standard, transparent, and stable business environment in Vietnam.

Economic prospects for the world and Vietnam
Economic prospects for the world and Vietnam
BUSINESSicon  09/01/2022 

The severity and persistence of inflation worldwide have surprised most central banks and organizations that offer economic forecasts. 

Hanoi completes nearly 546,000 square meters of floor area in 2021
Hanoi completes nearly 546,000 square meters of floor area in 2021
BUSINESSicon  09/01/2022 

Despite the ongoing impacts of the Covid-19 pandemic, housing development is still being promoted.

Vietnam's seafood exports beat yearly target, rake in US$8.9 billion
Vietnam's seafood exports beat yearly target, rake in US$8.9 billion
BUSINESSicon  08/01/2022 

Thanks to large-scale production in the last months of 2021, the seafood export value for the whole year rose 6% compared to 2021 reaching more than US$8.9 billion.

First US firm orders 100 VinFast electric cars at CES 2022
First US firm orders 100 VinFast electric cars at CES 2022
BUSINESSicon  08/01/2022 

Artemis DNA has become the first US firm to place an order to purchase 100 electric cars of VinFast following the Vietnamese automaker’s new model debut at the technology exhibition CES 2022 in Las Vegas (USA).

Vietnam becomes major manufacturer of Nike sports shoes
Vietnam becomes major manufacturer of Nike sports shoes
BUSINESSicon  08/01/2022 

Vietnam has surpassed China to become the major manufacturer of Nike sports shoes.

Vietnamese banks facing bad debt increases
Vietnamese banks facing bad debt increases
BUSINESSicon  08/01/2022 

Despite the negative impacts of the Covid-19 pandemic, the credit of the country economy in 2021 witnessed an increase of 13 percent compared to last year. The bad news is an unavoidable rise of bad debts in many banks.

Prices escalate, people rush to hunt for land in hot market
Prices escalate, people rush to hunt for land in hot market
FEATUREicon  10/01/2022 

Price escalation is occurring everywhere, from rural to urban areas. People are buying land at surprisingly high prices.

After 10 years of ups and downs, major players return
After 10 years of ups and downs, major players return
FEATUREicon  10/01/2022 

Dang Thi Hoang Yen, Dang Thanh Tam, Doan Nguyen Duc (Boss Duc) and Nguyen Duc Huong all have made impressive comebacks after a period of difficulties.

Drug trader, businesswoman, and young PhD pay heavy price for crimes
Drug trader, businesswoman, and young PhD pay heavy price for crimes
FEATUREicon  08/01/2022 

Many well-known businesspeople have ended up in prison.

VIETNAM BUSINESS NEWS JANUARY 8
VIETNAM BUSINESS NEWS JANUARY 8
BUSINESSicon  08/01/2022 

China reopens one more border gate with Vietnam

Solar and wind power: the race among investors
Solar and wind power: the race among investors
FEATUREicon  10/01/2022 

The Feed in Tariff (FIT) incentive helps attract a private investors but there are still bottlenecks that causes them to hesitate to pour money into solar and wind power projects.

 
 
 
Leave your comment on an article

OR QUICK LOGIN