The Hanoitimes - The Department of Local Industry and Trade under the Ministry of Industry and Trade held a workshop in Hanoi on September 19 to look into ASEAN-generated opportunities for rural industry products.
The workshop was part of events to honour Vietnam’s outstanding rural industry products. ASEAN has 622 million consumers and combined GDP of about 2.6 trillion USD and is the seventh and the third biggest economy in the world and Asia, respectively, boasting huge potential for businesses.
Foreign direct investment in ASEAN has grown well, reaching 120 billion USD in 2015, with Vietnam the fifth largest investment destination in the region. Meanwhile, ASEAN is the second biggest trade partner of Vietnam, accounting for 13 percent of the country’s total foreign trade in 2015.
Vietnamese exports to ASEAN are benefiting from reduced or removed import tariffs, the workshop heard.
The workshop on ASEAN-generated opportunities for rural industry products
Dang Mai Anh, Vice Rector of the University of Industrial Fine Art, said to develop rural industry products, it is necessary to meet export markets’ demand by gearing products towards markets’ conditions and customs while paying attention to prices, design and Vietnam’s cultural identity in the products.
Le An Hai, Deputy Director of the ministry’s Department of Asian and African Markets, said a challenge during integration is connectivity among domestic businesses. Some firms have very good competitiveness but do not coordinate well with other firms to compete with foreign rivals.
Hoang Chinh Nghia, Deputy Director of the Department of Local Industry and Trade, said his department will promote industrial production and encourage businesses to step up innovation and application of modern technology, aiming to boost competitiveness and build trademarks. He said he hopes with industry promotion policies, rural industry producers will be able to grasp integration opportunities.