Vietnamese businesses must enhance innovation, improve competitiveness, and engage in new supply chains to strengthen exports across Asia, urged Quyen Anh Ngoc, Deputy Director of the ASEAN Division under the Ministry of Industry and Trade (MoIT). Speaking at a November 5 conference focused on trade promotion in Asian markets, Ngoc called on companies to work alongside government bodies and trade associations to develop strategic production and business plans that capture emerging opportunities.
Ngoc highlighted the importance of understanding free trade agreements, particularly the Regional Comprehensive Economic Partnership (RCEP), within the ASEAN framework. With RCEP’s enactment, certain Vietnamese exports—including seafood, meat, fruits, agricultural products, machinery, computers, textiles, and chemicals—will benefit from immediate tariff eliminations in partner countries.
Ngoc also emphasized that leveraging diverse sources of input materials, benefiting from preferential import taxes, and enhancing Vietnam’s business environment are critical to maximizing export potential.
Focusing on Indonesia, Vietnamese Trade Counsellor Pham The Cuong outlined the country’s substantial market opportunities. With a growing middle class and strong economic performance, Indonesia, the world’s fourth-most populous country, is increasingly dependent on imported goods. Notably, cultural similarities and geographical proximity provide Vietnamese businesses a competitive edge in reaching Indonesian consumers.
Cuong noted that Indonesia’s market, less stringent than those of the U.S., EU, and Japan, favors Vietnamese goods, which have been gaining traction in sectors such as agriculture and aquaculture. Additionally, direct flights between Vietnam and Indonesia facilitate deeper market penetration, while reduced transportation costs enhance product competitiveness.
However, Cuong cautioned that Indonesia’s strict import regulations require Halal and SNI (Indonesian National Standard) certifications for various goods. The country also frequently employs trade defense measures to protect local industries. Cuong advised Vietnamese exporters to proactively secure necessary certifications and stay closely aligned with Vietnam’s trade agencies to navigate any regulatory challenges Indonesia may introduce.
BUSINESS GENERAL | Kazakhstan Expands Flaxseed Oil Exports to Japan Amid Surging Demand
