HA NOI — Enterprises should pay more attention to Ukraine to increase trade and investment between the two countries, according to Viet Nam's Ministry of Industry and Trade.
|Workers at Phong Phu Garment and Textile Co make garments for export. Viet Nam exports mainly farm produce, garments and footware to Ukraine. — VNA/VNS Photo Ho Cau
The ministry said the Ukraine was an emerging market with a high consumption and diversification of demand, but Vietnamese enterprises had not paid attention to trade promotion activities and failed to capitalise on the Ukrainian market's potential.
Enterprises should actively promote trade activities between Viet Nam and Ukraine to gain further access to the market in the future, the ministry said.
Export value between the two countries increased year-on-year by 68.1 per cent to US$194.5 million in 2011, and in the first half of this year, it gained 47.05 per cent to $96.62 million.
According to many local enterprises, Viet Nam exported mainly farming products, footwear, and textiles and garments to the Ukraine, the ministry said.
Another advantage is that about 10,000 overseas Vietnamese live and work in the Ukraine, providing a bridge between the two countries and contributing to wealth generation on both sides.
Additionally, Viet Nam and the Ukraine have signed 20 economic and trade co-operation agreements which were a great foundation for the development of trade and investment between the two countries in the future, the ministry said.
However, many enterprises from Viet Nam and the Ukraine were struggling to gain a foothold in their respective markets, the ministry said. Language barriers, cultural awareness, legal information, consumption demand and the physical distance between the two countries had forced costs up and turnover down.
To support local enterprises' trade activities in the Ukraine, the ministry plans to implement trade promotion programmes and market research, as well as organise exhibitions and trade fairs in the Ukraine and open branches and representative offices in the country.
The ministry also said an international trade exhibition to be held in Kiev from September 16-22 would be a good chance for Vietnamese enterprises to find trade opportunities.
Businesses from several countries in Asia and Eastern Europe, including Viet Nam and the Ukraine, are expected to participate in the exhibition at the Rainbow Trade Centre.
The fair will showcase a wide range of goods including agricultural products like tea, coffee, seafood and processed foods, consumer goods, textiles and garments, furniture, cosmetics, medicine, electrical goods, household appliances, and construction materials. — VNS