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Nguyen Phuc Nam, deputy director of the Asia-Africa Market Department under the Ministry of Industry and Trade, said ASEAN members have been in the process of deploying economic recovery measures with commitments relating to opening markets and ensuring resilient supply chains.
Trade facilitation will therefore be a favourable factor for Vietnamese businesses to fully tap into the region’s potential, especially markets such as Thailand and Singapore, Nam noted.
Tran Thi Thanh My, Vietnamese Trade Counselor in Thailand, quoted data from the Thai Customs Department that during the initial 10 months of the year, the country's total import and export turnover surged 23% to over US$443 billion against the same period from last year, turning Thailand into the country’s largest trading partner in the ASEAN region in the process.
At present, the nation makes up Thailand's second largest trading partner in the ASEAN region and fifth in the world, with strong growth being recorded in commodities such as crude oil, petroleum, ore, coal, metals, and seafood.
There is plenty of room for both sides to bolster trade co-operation, with the majority of potential commodities through food, seafood, and agricultural products such as cashew nuts, coffee, pepper, and vegetables.
Elsewhere in the ASEAN region, Singapore remains a market for Vietnamese businesses in which to promote the export of their products moving forward, said Tran Thu Quynh, Vietnam Trade Counselor in Singapore.
Quynh added that the island city state is particularly keen on seeking new exporters and co-operating in the field of food production, especially as it aims to be 30% food self-sufficient by 2030.
Nguyen Phuc Nam, deputy director of the Asia-Africa Market Department, pointed out that at present, a number of Vietnamese enterprises have yet to pay due attention to the market and have failed to sufficiently grasp market information, especially since the outbreak of the COVID-19 pandemic.
He warned local businesses about new regulations issued by ASEAN member nations in order to restore the economy and support domestic production related import and export, customs clearance, and pandemic prevention to boost exports to the wider region.
Furthermore, Quynh revealed that Vietnamese products remain less competitive in price compared to similar products from Malaysia, China, and Indonesia, adding that local firms should devise proper marketing strategies and strive to gain greater insights into market trends and research in the future in order to gain entry into this market.
ASEAN is currently the nation’s fourth largest export market after the United States, China, and the EU thanks to advantages in terms of lower transportation and warehousing costs, in addition to a wide range of options in freight modes such as maritime, road, and aviation transport.
