Vietnam seeks to increase export of locally-branded products to E.U.

The event heard that Vietnam's exports to most markets in the E.U. have recorded stable growth, however the number of Vietnam-branded goods still remains modest.

According to Nguyen Thi Thu Thuy, Deputy Director of the Export Promotion Center at the Ministry of Industry and Trade's Vietnam Trade Promotion Agency, the E.U. is a key market of Vietnam

The agency has prioritized many activities with the E.U. to help Vietnamese businesses build, develop, and protect their brands in this market, Thuy said.

A series of consulting sessions have been organized to help businesses understand more about the demand, market trends, regulations, and updated policies of the E.U. markets, thus making suitable adjustments to their brand development strategies and plans.

It has also paid attention to raising awareness of businesses in building, developing and protecting brands in the E.U. market through programs, conferences, seminars, and training, including online events, Thuy noted.

She added that her agency has coordinated with the Vietnam Trade Offices in European nations to build and develop showrooms to popularize Vietnamese goods in the host countries.

Thuy advised Vietnamese exporters to deeply study their competitors in the E.U. as well as how they build their brands, thus increasing competitiveness of locally-branded products.

According to statistics from the MoIT, Vietnam's export turnover to the E.U. from August 2020 to July 2022 hit 83.4 billion USD (41.7 billion USD per year), 24% higher than the annual average export turnover in the 2016-2019 period.

However, experts said there is a big room for more Vietnamese goods to enter the E.U. market as Vietnam's goods account for less than 2% of the 2.5-trillion-USD export turnover to the market per year.

Source: VNA