Saturday, July 21 2018

VietNamNews

Vietnamese firms to join international expo in China

Update: April, 13/2018 - 19:00
Việt Nam’s exports of phones and spare parts to China skyrocketed by 674.4 per cent year-on-year in the first quarter of this year. — Photo iettimes.vn
Viet Nam News

HÀ NỘI — Vietnamese firms will showcase their products at the China International Import Exposition-CIIE 2018- to be held in Shanghai in November.

This was announced by the Trade Promotion Agency under the Ministry of Industry and Trade in HCM City on Friday.

Sixty booths representing the firms will display farm produce, food, consumer goods and other services at the expo.

Head of the agency Vũ Bá Phú described the large-scale event as a good opportunity for domestic enterprises to expand their channels to Chinese and other international markets, besides seeking new trade partners.

The event will also help the firms to update the demand of the Chinese market and speed up their exports to reduce Việt Nam’s trade deficit with the neighbouring country, Phú said.

According to trade experts, to boost exports to the Chinese market, Vietnamese enterprises need to build their own trademarks, improve product quality and diversify designs of their products.

A report of the agency showed that consumer culture and demand for goods in Chinese provinces and cities were not the same. Each locality has a different need for each type of product.

Thus, Vietnamese firms should update the market information, its import-export policies as well as tastes and preferences of Chinese people in each locality, experts said.

According to the General Statistics Office, Việt Nam’s exports to China have experienced a year-on-year increase of 46 per cent to US$9 billion over the past three months of this year. Of this, phones and spare parts skyrocketed by 674.4 per cent, fruits and vegetables by 56 per cent and electronics, computers and components by 31.7 per cent.

During the period, Việt Nam imported $14.3 billion worth of goods from China, up 14 per cent year-on-year with major items including phones and components, machinery and equipment as well as electronics and parts.

With an export-import turnover of $93.69 billion last year, bilateral trade value between Việt Nam and China is expected to touch the $100 billion milestone in 2018. — VNS

 

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