(QNO) - Goods from Quang Nam may be exported to Europe based on the identification of advantageous products and niche markets, according to experts and Vietnamese trade counsellors in some European countries.
Choice of niche markets
Vietnamese goods exported to Europe are relatively limited. Most of them are electronic components, equipment, and spare parts but they are under foreign brands. Even coffee, textiles, and shoes are also exported under the brand name of foreign distributors.
According to experts, Quang Nam agricultural products, such as Ngoc Linh ginseng, mangosteen, watermelon, bananas, tropical fruits, and aqua foods, have the potential for export to Europe.
Therefore, businesses in Quang Nam should strengthen advertising, improve the quality and price of their products, and create competitive advantages.
For example, Ngoc Linh ginseng does not seem to be known in the Eastern European market.
So, it is necessary to identify niche markets, namely Vietnamese communities there, to introduce Ngoc Linh ginseng products.
Europe is currently Vietnam’s leading trading partner and the third largest export market with an average export growth rate of 7.5% per year. Vietnam is the 11th largest supplier of goods outside Europe to the EU market.
Until October 2022, more than 60 businesses from Quang Nam engaged in the import from and export to the EU market. The export turnover through Chu Lai port was estimated at 50 million US dollars.
The European Union - Vietnam Free Trade Agreement (EVFTA) was signed in June 2019.
It was a chance for businesses in Vietnam and Quang Nam to export their goods to the European Union thanks to the tariff reduction and market opening.
Reportedly, both the EVFTA and other FTAs bring great opportunities to Quang Nam businesses.
So, Quang Nam has quickly completed the administrative reform and regulations consistent with the EVFTA, helping businesses take advantage to export their products to the EU.
Quang Nam has recently identified the key products with competitiveness, promoting their export to the EU by taking advantage of FTAs.