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ECONOMYINDUSTRY

Key to Vietnamese goods entry in UK market

Updated at Sunday, 08 Jan 2017, 10:27
The Hanoitimes - Although the UK is one of the largest import market of Vietnam, but Vietnamese goods accounted a small part of this market due to lack of advertisement. This is the information at a seminar on "Promoting Vietnam brand into the UK market" held by the Trade Promotion Department (MOIT) in the morning of September 9.
Many chances to open
According to information from Industry and Trade Ministry, every year the UK imports of goods worth about £700 billion, but export volume (exports) of Vietnam enterprises in this market will be around £ 5 billion, accounted for 0.5% of import volume in the UK.
Moreover, differences in the structure of export goods between Vietnam and the UK have created favorable conditions for Vietnam to boost exports to the UK, especially for consumer products.
The Deputy Director of the Trade Promotion (Ministry of Trade), Mr. Do Kim Lang said that Most UK companies concentrate on producing high-tech products, not consumer goods. Thus, there is a great demand for consumer goods in the UK market that Vietnam has advantages as agriculture, forestry and fisheries, textiles, footwear, handicraft goods, etc.

 
Illustrative image
Illustrative image
The representative of Vietnam Trade Affair in the United Kingdom, Mrs. Nguyen Thi Hong Thuy said, “As for wooden goods imported to the UK occupied £5.8 billion to £6 billion (USD 9.9 billion to USD 11 billion) of finished products and raw and auxiliary material every year. While Vietnam has abundant raw materials, good product quality, low cost price which are cheaper than Chinese goods, African goods, etc. are well received by UK market.
Besides, some big UK timber enterprises industry has production facilities or signed long-term cooperation agreement with Vietnam manufacturers therefore their sources were guaranteed. "Vietnam is one of the major suppliers to the UK furniture so far, particularly wooden furniture HS code 940330-60, Vietnam always ranks Top 5 exporter in the UK market since 2006 up to now ", Mrs. Nguyen Thi Hong Thuy exemplified.

Brand building be forgotten
Although the UK has large demand of imported goods however, to increase export turnover of Vietnamese goods to this market, Vietnamese enterprises are required to advertising their brand name to consumers. Enterprises attended the seminar frankly admitted that Vietnamese enterprises are bad at branding and product images resulted in little acknowledgement among international consumers.
The UK consumer only knows Vietnam Airline, Saigon Beer. etc. To bring our brand name to the UK market, Mr. Saby Mishra - CEO of J.Water Thompson in Vietnam said that though the UK is an open economic country, export goods to this market subject to strict control of technical standards, food safety, etc. Vietnamese enterprises desire to enter the UK market, at least three matters must be guaranteed as standardization, health and environment.
To assist enterprises in developing and branding in the UK market, the Ministry of Industry and Trade renewed trade promotion activities by supporting enterprises to get benefits from the free trade agreements; Cooperate with relevant Ministries and sectors to support enterprises to boost brand promotion in traditional and potential export markets.
Despite of the fact that the Ministries always support Vietnamese enterprises export to the World market, spreading the brand name throughout the world is required that enterprises’ branding strategies. Thus, creating a "differentiation" of goods and brand name is the key to Vietnam goods entry in the World market
Translated by Anh Dat
Source:Le Nam-Kinhtedothi.vn
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