Vietnam Trade Promotion Agency hosts online workshop to enhance export prospects across the MENA region and Africa. UAE seen as potential re-export hub.
The Vietnamese Ministry of Industry and Trade (MoIT) aims to bolster the country’s trade by tapping into the vast potential of African and Middle Eastern markets. A recent online workshop facilitated discussions on strategies for promoting the export of Vietnamese goods to these regions.
The workshop was designed to strategize and enhance the export of Vietnamese goods to Africa and the Middle East, recognizing the significant demand and open trade landscape in these regions.
Vietnam trade – Unlocking the Middle East market
Nguyen Minh Phuong, Head of the West Asia – Africa Office at MoIT’s Department of Asia – Africa Markets, highlighted the Middle East’s substantial import needs, particularly in food and foodstuffs, creating a USD 40 billion annual market. The requirements for quality and product design in these markets present favorable conditions for Vietnamese goods, according to Phuong.
UAE’s strategic role
Truong Xuan Trung, overseeing the Vietnam Trade Office in the UAE, emphasized that the UAE’s role as a regional and global transit center opens avenues for the re-exporting Vietnamese goods. Vietnam has emerged as the leading exporter of agricultural products to the UAE among ASEAN countries, boasting significant growth in key exports such as cashew nuts, rice, fruits and vegetables, and tea, according to Trung.
Cautious trade strategies
Speakers at the workshop advised Vietnamese exporters to exercise caution in trade transactions with partners in Africa and the Middle East. Emphasizing the importance of managing payment risks, they recommended secure methods like letters of credit (L/C) to mitigate fraud risks.
In summary, this strategic approach aims to position Vietnamese goods as formidable players in these high-potential markets, fostering sustainable growth and reinforcing Vietnam’s position as a key player in global trade.
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