Insiders discussed ways to expand the export of locally-branded products to member markets of the European Union – Vietnam Free Trade Agreement (EVFTA), at a seminar held by Cong Thuong (Industry and Trade) Magazine on November 25 in Hanoi.

The event heard that Vietnam’s exports to most markets in the EU 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 Centre at the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency, the EU is a key market of Vietnam

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

A series of consulting sessions have been organised to help businesses understand more about the demand, market trends, regulations, and updated policies of the EU 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 EU market through programmes, 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 popularise Vietnamese goods in the host countries.  

Thuy advised Vietnamese exporters to deeply study their competitors in the EU 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 EU 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 EU market as Vietnam’s goods account for less than 2% of the 2.5-trillion-USD export turnover to the market per year./.