Vietrade consultation to spur exports to Kuwait

Illustrative photo. (Source: VNA)

A consultation will be held by the Ministry of Industry and Trade’s Department of Trade Promotion (Vietrade) on June 1 to boost export to Kuwait where demand for agricultural, industrial and consumer products are on a rise.

Economic relations between Vietnam and Kuwait have grown constantly over the years, with the bilateral trade exceeding 4.78 billion USD in 2021, up 49 percent from the previous year.

However, Vietnam has registered a significant trade deficit with Kuwait as it only generated over 60 million USD from the export of mainly mobile phones, electronics, aquatic products, wood and timber products and farm produce to the Middle Eastern country last year.

Its import from Kuwait totaled more than 4.7 billion USD in 2021, a year-on-year increase of 49 percent, a majority of which was crude oil to be used as input for Nghi Son Oil Refinery.

Kuwait has a population of about 4.3 million and its per capita GDP hits some 52,000 USD. It exports around 60 billion USD worth of commodities, mostly crude oil, and imports about 30 billion USD annually.

During the consulting session, Tran Trung Hieu, second secretary at the Vietnamese Trade Office in Kuwait, will give an overview of the agricultural product and food market in Kuwait as well as its standards and requirements for exports.

There will be also other speakers to share experience and what Vietnamese companies should know when doing business in the Middle East nation.

The session is the 18th among a series of 30 events supporting domestic firms to gain access to foreign markets to be held by Vietrade this year./.