HCMC seminar hears how local enterprises can take advantage of China's huge demand for imports, addressing the trade imbalance in the process.
Vietnam has a job ahead of it in bridging its trade gap with China, with its exports to the country in the first five months reaching more than $6 billion while its imports stood at nearly $20 billion.
Promoting exports to China was the main topic of discussion at a business and trade seminar held by the Chinese Consulate General in Ho Chi Minh City and the Vietnam Chamber of Commerce and Industry’s Ho Chi Minh City Branch (VCCI-HCM) last week.
According to figures from China’s Customs, Vietnam’s exports to China record a rather high average annual growth rate of some 15 to 20 per cent. China not only has significant demand for imports to serve its domestic consumption but also heavily depends on imports of raw materials for its manufacturing for export sector.
A representative from the Chinese Consulate General told the seminar that China would import goods worth up to $10 trillion over the next five years. This presents substantial opportunities for Vietnamese enterprises and the Consulate General is committed to supporting them in seizing those opportunities.
However, despite China being a market of great potential for Vietnam, Vietnamese enterprises are encountering difficulties and challenges in penetrating deeply into the market with a secure and efficient approach.
Addressing the seminar, Mr. Mau Nhon Lai, Deputy Chairman of the Chinese Business Association in Vietnam and Chairman of VCCI-HCM, said there is a need for VCCI to assist Vietnamese enterprises in exporting to China by supporting them in learning more about the business opportunities in the country and helping them participate in regional and international exhibitions in China to promote the image of their products to potential partners.
Among the exhibitions that focus on opening markets to Vietnam and the ASEAN region, the China-ASEAN Expo (CAEXPO) incorporates exhibitions, seminars, briefing conferences, contract signing ceremonies, and high-end forums that attract the wide attendance of government officials, entrepreneurs, scholars and experts from China and from ASEAN. The last few CAEXPO have welcomed Vietnamese leaders from at least the Deputy Prime Minister level.
The upcoming 12th China-ASEAN EXPO will be held on September 18 to 21 in Nanning, Guangxi province. Enterprises can register for booths with the CAEXPO Secretariat or China’s Ministry of Commerce but registration with local related authorities such as VCCI or the Ministry of Industry and Trade (MoIT) is preferred, for better management and arrangement.
The Chinese side strongly encourages Vietnamese enterprises to participate more in these types of exhibitions to promote business and trade between the two countries.