HA NOI (VNS) — The Ministry of Industry and Trade (MoIT), will continue to provide domestic companies with latest trade information about potential markets in Africa while updating import-export regulations in these markets.
This will help the firms accelerate their exports to the bloc, the ministry's Africa, West Asia and South Asia Market Department has said.
MoIT will also join hands with commercial banks both in Viet Nam and Africa to facilitate payments for businesses and support local firms in opening warehouses, as well as establish representative offices, branches and affiliates in the region's large markets.
Cooperation with Vietnamese Commercial Offices in the region, in introducing business opportunities and prestigious customers to Vietnamese companies will also be included.
Statistics from the General Department of Customs showed that Vietnamese exports to most large markets in Africa have experienced growth over the past four months in key items. These include seafood, coffee, electronics and components and mobile phones. Means of transport and spare parts, machine equipment, apparel and construction materials, have also got a boost.
During the reviewed period, South Africa remained the bloc's leading importer of Vietnamese goods with a turnover of US$230 million, up 20 per cent year-on-year. Egypt came second with $110 million, up 36 per cent.
Three other markets with high growth rates include Algeria with $97.6 million, (up 45 per cent); Ghana with $74 million, (up 54 per cent) and Nigeria with $67 million, (up 83 per cent).
Conversely, export turnover to some markets declined sharply. Exports to Angola, Senegal and the Ivory Coast went down by 47 per cent to $23.2 million, 38 per cent to $11.3 million and 14 per cent to $38.5 million, respectively, mainly due to significant decreases in turnover of rice and garments.
Experts have urged Vietnamese businesses to be proactive in overcoming obstacles such as geographic distance, high transport costs, trading through intermediaries and language barriers.
They suggest that in the future, firms should boost shipments of high-value electronics, electric devices, household goods and consumer items. Shipment of foodstuffs, canned foods, and mechanical and plastics products besides traditional items should also be increased. — VNS