Saturday, October 20, 2018 3:27:44 AM - Markets open
VN-INDEX 958.36 -5.11/-0.53%
HNX-INDEX 108.10 +0.18/+0.17%
UPCOM-INDEX 52.47 -0.23/-0.44%
VN struggles to export to ASEAN
Vietnam News - 10/11/2018 3:26:25 PM
 (0 ratings. You must sign in to rate.)
HCM CITY – Since the establishment of the ASEAN Economic Community, and the abolition of tariffs within the bloc, Việt Nam’s exports to other members remain limited, a conference heard in HCM City on Wednesday.
 
Nguyễn Thị Tuệ Anh, deputy director of the Central Institute for Economic Management, said ASEAN economies have a combined population of around 660 million and high economic growth, and Vietnamese firms now have greater opportunities than ever to export to them.
 
But while Việt Nam’s imports from ASEAN countries have increased sharply since 2015, its exports to the highly competitive markets have not.
 
Phạm Thanh Kiên, director of the HCM City Department of Industry and Trade, said the city’s exports to ASEAN members are rising but imports are rising faster, and, at $8.15 billion last year, were 2.6 times its exports.
 
Phạm Thiết Hoà, director of the HCM City Investment, Trade and Promotion Centre, said the reasons for the limited exports to ASEAN markets are lack of product diversity, uncompetitive prices, limited distribution system, and lack of co-ordination with trade facilitation authorities.
 
Firms need to better research the requirements for exporting to these markets, learn the culture of their target markets and pay attention to business decisions such as working with foreign business partners and packaging, especially in Islamic countries, he added.
 
Kiên said besides improving their production capabilities, firms need to do extensive market research, look for new trade opportunities and network with trustworthy local distributors.
 
Vũ Thế Hoàng, assistant to chairman at the Việt Nam Seaculture Association, said authorities and business groups should provide firms with information about the latest development in these markets.
 
The conference was held by Saigon Times newspaper and Saigon Times Club’s 2030 Business Club, and attended by executives from around 300 firms. – VNS
 
Read original article here
 
Newer News
18/10 Vietnam to push on EU trade deal
12/10 PM discusses trade facilitation with Indonesia’s business leader
12/10 VN pledges to co-operate for ASEAN sustainable agriculture: Deputy PM
12/10 VN rice exports reaches new heights
Older News
11/10 Fuel prices set to put pressure on inflation
10/10 Dong Nai revokes licences of over 170 FDI projects
10/10 Vietnam earns 3.2 billion USD from auto accessories exports
10/10 Mekong Delta provinces attract more foreign investment
09/10 Seafood exports likely to rake in $9b this year
08/10 Standard Chartered: Vietnam - fastest growing ASEAN economy
05/10 Đồng Nai attracts nearly US$1.3 billion in FDI in nine months
03/10 Deputy PM: Vietnam sees stable, rapid economic growth
02/10 HCM City must pick up economic pace
02/10 Vietnam’s trade surplus widens to 5.39 billion USD in 9 months
 
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:11:41 PM
VN-INDEX 958.36 -5.11/-0.53%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.