Vietnamese firms yet to fully optimise ASEAN markets: experts

Despite the COVID-19 pandemic, trade revenue between Vietnam and other ASEAN countries has still been on the rise, but much still needs to be done to fully capitalise on these neighbouring markets.

Vietnamese firms yet to fully optimise ASEAN markets: experts hinh anh 1

A electronic component production line (Illustrative photo: congthuong.vn)

Despite the COVID-19 pandemic, trade revenue between Vietnam and other ASEAN countries has still been on the rise, but much still needs to be done to fully capitalise on these neighbouring markets.

Trade between Vietnam and other ASEAN nations has surged over the past years, from merely 3.5 billion USD in 1995, when the country became a member of the bloc, to 42 billion USD in 2015 and 53.6 billion USD in 2020. Last year’s figure accounted for 9.8 percent of Vietnam’s total trade turnover.

In the first seven months of 2021, in spite of the pandemic’s negative impacts, bilateral trade still went up 38.5 percent year on year to 40.8 billion USD. That includes 16.1 billion USD of Vietnam’s exports and 24.7 billion USD of imports, respectively rising 25.9 percent and 48.2 percent.

ASEAN is a large market with a combined population of nearly 700 million, a growing middle class, lifestyle and cultural similarities, and geographical proximity among member nations. Given this, Vietnam still has much room to boost exports to regional countries, according to the Cong Thuong (Industry & Trade) newspaper.

Nguyen Phuc Nam, Deputy Director of the Asia - Africa Market Department at the Ministry of Industry and Trade, said there remain numerous good opportunities for Vietnamese goods to enter ASEAN markets.

Indonesia, Thailand, and the Philippines are the biggest importers of Vietnamese goods at present. While Thailand prefers dried fruit and apparel for tourists, the other two have high demand for power generators, water pumps, and telecoms devices from Vietnam.

ASEAN countries are also major importers of Vietnamese rice, he noted.

Many other Vietnamese products also hold great potential for export to these destinations such as items of the processing and manufacturing industry, mobile phones, computers, electronic devices, tea, garments and construction materials.

However, experts held that Vietnamese enterprises have yet to take full advantage of the ASEAN market.

Over the last 10 years, the country has continually recorded a trade deficit of 6 billion - 7 billion USD, equivalent to 30 percent of total export value, with this market.

Data of the General Statistics Office (GSO) show that the deficit stood at around 8.6 billion USD in the first seven months of 2021, shooting up 123 percent from the same period last year.

To fuel shipments to this region, a GSO official suggested that Vietnam should pay more attention to its policies on trade with regional countries while optimising advantages created by the free trade agreements between ASEAN and partners around the world.

It is also necessary to keep improving technology application to enhance the competitiveness of Vietnamese goods, step up trade in services and investment, and promote the country’s competitive edge.

As Vietnam and some other ASEAN members share a high similarity of the product structure, it should actively engage in the shift of the capital flow within the bloc and cooperate with them to export goods to global markets, the GSO official said.

The Asia - Africa Market Department recommended Vietnamese firms proactively learn about each country’s demand and requirements to have effective approaches./.

Source: VNA
en.vietnamplus.vn

Related News

Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
WB expert: It is not necessary to iment a loose fiscal policy

WB expert: It is not necessary to iment a loose fiscal policy

VCN - According to experts from the World Bank (WB), to maintain growth momentum, it is necessary to continue institutional reform, promote public investment, and at the same time manage and monitor risks in the financial market.
Six export markets of billion growth

Six export markets of billion growth

VCN - Our country's key export markets maintained impressive growth momentum. In particular, six markets increased by US$1 billion or more.
Rice exports to China drop sharply

Rice exports to China drop sharply

VCN - While the amount of rice exported to Southeast Asian markets increased sharply, the results in the Chinese market were the opposite.

Latest News

Request for price management and stabilization, avoiding unusual fluctuations during Tet 2025

Request for price management and stabilization, avoiding unusual fluctuations during Tet 2025

VCN - Minister of Finance Nguyen Van Thang has just signed and issued Directive No. 05/CT-BTC on strengthening the price management, operation and stabilization during the Lunar New Year 2025.
Improving aviation infrastructure and logistics key to attracting foreign tourists

Improving aviation infrastructure and logistics key to attracting foreign tourists

With an annual growth rate forecast to remain steady at 5-6 per cent per year, Việt Nam will receive around 150 million foreign visitors by 2035 and 200 million by 2040, 1.9 times and 2.5 times higher than in 2019, respectively.
Adapting and innovating in a dynamic global environment

Adapting and innovating in a dynamic global environment

VCN - According to Dr. Nguyen Tri Hieu (pictured), Director of the Global Finance and Real Estate Market Research and Development Institute, Vietnam's open economy means that in 2025, both its economy and financial market will be inevitably affected by the constantly fluctuating international environment.
Smart Border Gate: Modern Trade Connection Platform

Smart Border Gate: Modern Trade Connection Platform

VCN - Customs News had an interview with Mr. Ho Tien Thieu, Chairman of Lang Son Provincial People's Committee about the implementation of the Government's pilot project to build a smart border gate.

More News

Việt Nam, Laos maximise trade, investment cooperation potential

Việt Nam, Laos maximise trade, investment cooperation potential

The People’s Committee of HCM City and the Lao Consulate General in the city on Friday oganised a Việt Nam-Laos trade and investment promotion forum.
Diverse economic, political landscapes make ASEAN foreign investment hub

Diverse economic, political landscapes make ASEAN foreign investment hub

The ASEAN region has become a significant destination for foreign direct investment (FDI) thanks to its ’diverse economic and political landscapes,’ an official from Laos said at a forum in HCM City on Friday.
To keep businesses on track in the "arduous" green transformation journey

To keep businesses on track in the "arduous" green transformation journey

VCN- Vietnamese businesses cannot stay out of the green transformation trend because this is one of the global strategic priorities. According to Mr. Nguyen Quang Vinh (photo), Vice President of the Vietnam Federation of Commerce and Industry (VCCI), Chairman of the Vietnam Business Council for Sustainable Development (VBCSD), management agencies are making many efforts to support the business community in this work.
Việt Nam

Việt Nam's GDP predicted to surpass Singapore's in 2029

Việt Nam is making significant strides in economic growth, with projections indicating it could surpass Singapore’s GDP by 2029.
Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

VCN - To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tireless efforts to ensure the rights of employees.
Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Read More

Your care

Latest Most read
Request for price management and stabilization, avoiding unusual fluctuations during Tet 2025

Request for price management and stabilization, avoiding unusual fluctuations during Tet 2025

VCN - Minister of Finance Nguyen Van Thang has just signed and issued Directive No. 05/CT-BTC on strengthening the price management, operation and stabilization during the Lunar New Year 2025.
Improving aviation infrastructure and logistics key to attracting foreign tourists

Improving aviation infrastructure and logistics key to attracting foreign tourists

With an annual growth rate forecast to remain steady at 5-6 per cent per year, Việt Nam will receive around 150 million foreign visitors by 2035 and 200 million by 2040, 1.9 times and 2.5 times higher than in 2019, respectively.
Adapting and innovating in a dynamic global environment

Adapting and innovating in a dynamic global environment

VCN - I believe these impacts will persist into 2025. A crucial factor is the political landscape in the US under President Donald Trump.
Smart Border Gate: Modern Trade Connection Platform

Smart Border Gate: Modern Trade Connection Platform

Customs News had an interview with Mr. Ho Tien Thieu, Chairman of Lang Son Provincial People's Committee about the implementation of the Government's pilot project to build a smart border gate.
Việt Nam, Laos maximise trade, investment cooperation potential

Việt Nam, Laos maximise trade, investment cooperation potential

The People’s Committee of HCM City and the Lao Consulate General in the city on Friday oganised a Việt Nam-Laos trade and investment promotion forum.
Mobile Version