Seminar promotes Vietnam, Middle East and Africa trade

VOV.VN - A seminar was held in Hanoi on August 18 gathering a large number of local businessmen and government officials to discuss ways to stimulate trade and investment with the Middle Eastern and African economies.

In an opening speech at the event, Ta Hoang Linh, deputy head of the Trade Promotion Agency, said its purpose was to lay out an effective strategy to boost exports to these markets.

Mr Linh said that exports from the domestic sector of Vietnam to the Middle Eastern and African economies have seen some improvement over recent years, but lags far behind its full potential.

About 62% of both domestic and foreign sector exports from Vietnam, which amounted to US$6.28 billion in 2015, to the respective economies consisted of telephones and components, he said.

He attributed in large part the inability of Vietnam products to gain a foothold to the fact that competition from China, Thailand, Indonesia and Malaysia in the markets is stiff and they are undercutting Vietnamese prices.

Ngo Khai Hoan, deputy head of the Africa, West Asia and South Asia Department under the Ministry of Industry and Trade, in turn noted Middle Eastern countries have high demands for importing food, foodstuff, agricultural products, seafood, consumer, dairy products, furniture, and equipment.

To further promote trade in these segments, he said, businesses should review their development strategies, pay more attention to develop distribution networks, actively join trade fairs and exhibitions and seize every opportunity that presents itself.

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