Vietnam urges to guarantee exports to Asian and African markets in 2023

Vietnam’s exporters need to secure their capacity and maintain existing export markets, typically Asian and African outlets, amid many challenges in 2023, a senior trade official has said.

These challenges include a global economic recession, competition among major major economies, trade protectionism, inflation and rising interest rates, said Lê Hoàng Oanh, Director of the Asia-Africa Markets Department at the Ministry of Industry and Trade. .

To do this, companies must ensure that their products meet the quality requirements of exported and shipped goods, which Asian and African markets need more than they have, Oanh told congthuong.vn.

He said that open export procedures, convenient logistics services and up-to-date information on the host country’s import policies would also be necessary to facilitate exports to these markets.

According to the official, securing raw materials would play a key role for exporters, especially those exporting textiles and garments to China and South Korea and those shipping seafood to South and Southeast Asia.

Inputs for production must be diversified to avoid dependence on one or several markets, he added.

In 2023, Oanh encouraged exporters to further promote their exports to some lucrative markets like China and India. In China, companies should pay attention to the Yunnan market.

Guangxi and Yunnan have the same population of around 50 million people, but the scale of Vietnam’s trade with Yunnan in 2022 reached only 3.2 billion US dollars compared to 30 billion US dollars for the country’s trade with Guangxi, he explained.

Meanwhile, India is also a potential market with considerable purchasing power and market demand thanks to a population of 1.4 billion people. India imports about $560 billion worth of goods annually. However, Vietnam’s exports only accounted for 1.4% of the total value of the country’s imports, which amounted to 8 billion dollars.

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In addition to the mentioned markets, Oanh also advised exporters to look at African markets, which have many untapped opportunities for them to speed up their exports, as Vietnam only accounted for 0.6% of Africa’s import volume by value. of 600,000 million dollars annually.

Vietnam’s merchandise trade with Asia reached $475.29 billion in 2022, increasing by 9.6% compared to 2021 and accounting for the largest share (65.1%) in the country’s total import-export value.

Vietnam’s major trading partners in Asia include China, South Korea, Japan, and the Association of Southeast Asian Nations (ASEAN).

Last year, the value of imports and exports between Vietnam and Africa was $8.1 billion, down 3.9%.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article: https://vietnamnews.vn/economy/1483066/viet-nam-urged-to-ensure-exports-to-asian-african-markets-in-2023.html

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