Exploiting potential markets in EU
(QNO) - A conference on exploiting potential and niche markets in the European Union (EU) has just been organised in Tam Ky city by Quang Nam province and the Ministry of Industry and Trade of Vietnam.
At the event, representatives from businesses and Vietnamese Trade Counsellors in the EU such as Sweden, Denmark, Poland, Portugal provided in-depth information on each potential market or niche market in the EU such as market size, supply and demand, competition, consumer tastes, distribution system, logistics ...
The conference also discussed the policies and regulations in specific markets, including Northern Europe, Eastern Europe, Southern Europe.
According to Vice Chairman of the Quang Nam provincial People’s Committee Ho Quang Buu, Quang Nam has about 9,000 small and medium enterprises, more than 90% of which are small.
The province and the Ministry of Industry and Trade of Vietnam is planning for trade promotions to sell Quang Nam's goods to European and American markets.
The EU is considered as an important export market of Vietnam.
In the first 9 months of 2022, export turnover from Vietnam to Europe (mainly Germany, Austria, Italy, Slovenia, Hungary, France, Poland, and Spain) reached 256.8 million USD.
Last year, the Vietnam - EU trade revenue hit 57.01 billion USD, up 14.5% over the same period of 2020. Vietnam’s exports reached 40.1 billion USD, an increase of 14.2%, while imports were 16.9 billion USD, up 15.3%.
Reportedly, more than 60 businesses in Quang Nam have taken part in import-export activities and trade exchanges with the EU market. Their main products are electronic components, textiles, leather and footwear, agricultural - aquatic products.
The participants suggested the organisation of more trade promotion activities and more support for businesses to further exploit the EVFTA (EU - Vietnam Free Trade Agreement) and increase exports to the EU.