Space remains for Vietnamese exporters to Eurasian market

As the potential for Vietnamese products in the Eurasian market remains abundant, the country should attempt to export more signature products such as coffee, fruit and vegetables, aquaculture products, and others, analysts said at the annual “Trade forum on cooperation with partners from the Eurasian region 2021”, held on December 22 by the European-American Market Department at the Ministry of Industry and Trade (MoIT).

Total two-way trade turnover between Vietnam and the 28 countries in the Eurasian market reached $12.7 billion in the first eleven months of this year, an increase of 13 per cent year-on-year, of which exports stood at $8.6 billion and imports $4.1 billion, rising 10 per cent and 20 per cent, respectively, year-on-year, Mr. Ta Hoang Linh, Director General of the European-American Market Department, told the forum.

However, the export turnover of Vietnamese products accounts for only 0.06 per cent of the Eurasian market’s total import demand of $1.345 trillion, Mr. Linh added. There is therefore ample space still available for Vietnamese exporters.

In order to increase the presence of Vietnamese products in the market, businesses should make good use of the Vietnam - Eurasian Economic Union Free Trade Agreement and the EU - Vietnam Free Trade Agreement.
Vietnam trade offices in the Eurasian market and foreign embassies and representative offices in Vietnam play an important role as information providers and connectors between markets and the business community.

Vietnam trade offices will be responsible for the promotion of Vietnamese goods in markets, especially spearhead exports such as aquaculture products, fresh and processed fruit and vegetables, electronics, textiles and garments, wood products, shoes and leather, and so on.

The MoIT also expressed a hope of cooperating with business communities, foreign embassies and representative offices, and Vietnam trade offices to regularly organize promotional activities for Vietnamese exports to the Eurasian market. The ministry will also accompany businesses in resolving challenges and difficulties through various mechanisms, such as joint commissions and multi-government commissions, thus creating legal frameworks that facilitate investment and trade procedures.