HA NOI — Vietnamese exports to Egypt were likely to increase by 40-50 per cent to over US$270 million this year, according to the Viet Nam Trade Counsellor in Egypt Dang Ngoc Quang.
In order to achieve this, the country should develop new export products as well as traditional goods with high export value. A long-term and effective export strategy was also necessary to better penetrate the market, Quang said.
With a population of over 80 million, Egypt had a huge market for Vietnamese goods, said head of the Ministry of Industry and Trade's Africa, Western and South Asia Department Ly Quoc Hung.
"The most important thing is to find a niche in the market in order to be able to exploit it to its full potential," he said.
Domestic businesses paid little attention to Egypt and other regional countries in Africa and products exported to those markets were simple, mainly agricultural products, footwear and garments.
In the future, businesses needed to identify competitive products in line with market demand such as coconut rice, basa fish, shrimp, coffee, electronics and tyres, Hung said.
Egyptian enterprises preferred meeting trade partners directly rather than conducting business over the internet. Hence, Vietnamese firms should attend trade fairs and exhibitions in the country to seek new business opportunities as well as establish representative offices and open distribution channels there.
He also emphasised the importance of speeding up negotiations over the signing of banking co-operation agreement, that would facilitate the establishment of payment channels as well as co-ordination between banks from the two nations.
Two-way trade reached over $200 million last year, of which Viet Nam enjoyed a trade surplus of nearly $180 million.Source: vnagency.com.vn
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