Taiwan potential still untapped
Taiwan potential still untapped
Vietnamese businesses should improve their understanding of Taiwan, improve product quality and sharpen their competitiveness in order to penetrate that market.
According to the Ministry of Industry and Trade's Asia-Pacific Market Department, Taiwan is a potential market for Vietnamese firms.
The consumer demands of the 200,000 Vietnamese, who account for 1 per cent of Taiwan's population, will contribute to boosting bilateral trade, it said.
Taiwan also serves as a bridge for the firms to access European, American and East Asian markets, it noted.
However, it's not an easy task for Vietnamese firms to penetrate Taiwan's market due to its strict food safety and hygiene standards, tax policies, and non-tariff barriers to agro-forestry and seafood imports, the department warned.
During a recent trade conference in HCM City, the Chamber of Commerce and Industry vice chairman Hoang Van Dung said there is immense potential for trade co-operation between Viet Nam and Taiwan.
He suggested that Vietnamese exporters should establish ties with Taiwanese importers who knew local consumer tastes, habits and market trends.
The General Department of Customs reveals that bilateral trade reached US$11 billion in 2012, of which Viet Nam earned $2.5 billion and Taiwan, US$8.5 billion.
In the past eight months, Viet Nam has earned $1.42 billion from exports to Taiwan, an increase of 7 per cent year on year, with key items being telephones and accessories, footwear, apparel and textiles, seafood, rubber, electronics, ceramics and products.
During the reviewed period, Viet Nam imported nearly $5 billion worth of goods from Taiwan. The major imports were raw materials for domestic production, such as animal feed, petroleum, chemicals, plastic materials, garment and textile materials, leather and footwear materials, and iron and steel.
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