VN eyes Morocco as a potential new market
VN eyes Morocco as a potential new market
Morocco has become a new potential market for Viet Nam as bilateral trade between the two countries reached US$156.3 million last year, with the annual growth rate pegged at 54 per cent.
During the year of 2014, Viet Nam's exports to Morocco posted a 48 per cent year-on-year growth to $148 million. Morocco is one of the 10 largest African importers to Viet Nam.
The country mainly ships telephones and components, coffee, seafood, computers, electronics and components, garments, fibre, footwear, fishing nets, chemicals and pepper to Morocco.
Its imports remain modest, reaching just $8.7 million, resulting in a trade surplus of $139.3 million. The imported products from Morocco are computers, pharmaceuticals, DAP fertiliser, and raw material for the garment and footwear industry.
Deputy Minister of Trade and Industry, Tran Tuan Anh, said Morocco had an important geographical location as a gateway for Vietnamese businesses to penetrate into the North African market.
In addition, Viet Nam and Morocco had a similar open market. Morocco has cut tax tariffs under its commitments to the World Trade Organization, as well signed several bilateral and multilateral Free Trade Agreement including with the European Union and the United States.
Anh said the ministry would update local businesses with market information, carry out more advertising campaigns in the country and formulate a development plan through 2020.
The ministry would also assist businesses in setting up subsidiaries and rice storage warehouses in key markets, such as Cameroon, Angola, and Mozambique, he added.
Zahra Maafiri, general director of the Moroccan Centre for Export Promotion, said the country has a modern infrastructure, transport and banking system, which would facilitate Vietnamese enterprises' import and export activities.
Vietnamese goods have drawn the attention of the Moroccan people, she said, adding that Morocco would give priority to three main sectors of food and foodstuffs, leather shoes and information and technology.
However, businesses still had to overcome numerous hurdles, such as the considerable geographic distance, a lack of market information, and differences in business customs, and languages.
