Le Thai Hoa, the Deputy Head of the Ministry of Industry and Trade’s (MoIT) African, West and South Asian Markets Department, said the demand for food, agricultural produce, seafood, and consumer goods in Africa and the Middle East is latent potential Vietnam cannot afford to ignore.
Vietnam’s export earnings hit nearly US$4.2 billion last year, up 65 percent compared to 2011. A further US$1.4 billion has been added in the first quarter of this year.
Vietnam’s Middle Eastern presence includes eight embassies, six trade offices, and free trade agreements with 11 out of the region’s 15 nations. The tax rates levied on Vietnamese imports into the Gulf Cooperation Council (GCC) political and economic alliance range from the relatively low rate of five percent to completely tax free.
Vietnamese exporters also enjoy most favoured nation (MFN) status in Africa.
The political instability and persistent religious and ethnic conflicts makes business challenging.
Companies are forced to accept the risk of trade fraud, complicating cultural, religious, and business custom differences, and a general shortage of information.
To overcome difficulties like these, the MoIT and relevant agencies offer their resources to businesses and associations promoting trade activities with the regions, participating in exhibitions and fairs abroad, and collecting market information.
Vietnam’s international representative agencies and trade offices are integral to these efforts. The MoIT has asked associations to continue coordinating with the ministry and the Vietnam Chamber of Commerce and Industry (VCCI) on developing programs promoting exports and supporting businesses during any arising trade lawsuits.
VOV
