HA NOI (VNS) — The Ministry of Industry and Trade (MoIT) has urged exporters to better exploit the European market as exports to the outlet this year were forecast to increase by only 10 per cent against last year's 16 per cent.
The ministry said the country's staple market exports had shown signs of difficulties this year.
According to the Viet Nam Textile and Apparel Association, textile and garment exports to the EU would be hard hit as market demand was forecast to decrease while textile and garment exporters from other countries would offer cheaper products to boost their competitiveness.
EU textile and garment importers are tending to import products from Cambodia, Laos and Bangladesh in stead of Viet Nam as the three countries' exports enjoy a zero per cent import tax while Vietnamese products currently face a 10 per cent levy.
The Viet Nam Association of Seafood Exporters and Producers has been also concerned about a decrease of export value to the EU market, predicting the trend will last for the entire year.
However, the MoIT also expected that the Viet Nam -EU Free Trade Agreement would be signed to help exporters boost their shipments to the market.
To further aid exports, experts recommended domestic should gain better market research as the EU has increasingly applied more quality regulations on products.
They said domestic exporters must accept the costs of quality certificates and hygiene regulations required by the market, which is considered fastidious and demanding.
According to the MoIT's statistics, bilateral trade between Viet Nam and the EU last year surged 16.5 per cent against the previous year to reach US$28.3 billion, of which Viet Nam's export value to the EU was $20 billion. Viet Nam's key export staples to the market included mobile phones, computer components, footwear, garments and textiles. — VNS