The Hanoitimes – Vietnamese enterprises are making every effort to boost future trade activities in Latin America, which is considered their potential market as many economies, such as the US and Europe, are yet to recover.
According to the American Markets Department under the Ministry of Industry and Trade, Vietnam has established trade relations with all 33 countries in Latin America.
Trading activities take place in all export sectors with exchange turnover increasing continuously over the years, reaching 5.5 billion USD in 2012. The figure is expected to grow in the future.
According to Nguyen Duc Thang, head of the Market Division of the Dap Cau Garment Joint Stock Company, Vietnam’s enterprises come up against difficulties researching markets in Latin American nations because of geographical distance and differences in consumption culture.
Although the quality of Vietnam’s exported goods is high, enterprises have not yet established their brands in the region, Thang noted, saying that this has caused obstacles in creating a position for Vietnamese products here.
Experts at the American Markets Department said the department has worked with related agencies to promote trade relations between the two sides, while actively taking measures to solve difficulties faced by businesses when surveying regional markets, helping them penetrate deeper into the region.
However, at a time when the budget for trade promotion is likely to be cut, enterprises need to be proactive to find their own directions own as well as carefully survey markets in the region to minimise risks.