AsemconnectVietnam - Many key products of Vietnam still have a lot of potential to develop in the Asia-Africa market.

Potential for exporting many key products
According to the General Secretary of the Vietnam Fruit and Vegetable Association Dang Phuc Nguyen, due to geographical conditions, Vietnam is located next to the world's largest fruit and vegetable consumption market, annually importing more than 15% of the world's fruit and vegetable export output, which is the Chinese market.
In 2024, it is expected that Vietnam's fruit and vegetable export turnover will reach a record of 7.5 billion USD, of which China alone will reach over 5 billion USD, accounting for about 70% of the volume.
Mr. To Ngoc Son, Deputy Director of the Asia-Africa Market Department said that, Vietnam's general exports in the last months of the year are expected to achieve positive results, with the total export turnover in 2024 forecast to maintain a growth rate of about 15% compared to 2023.
Mr. Dang Phuc Nguyen said that Vietnam's fruit and vegetable exports have great potential for export to the Chinese market, because this is a large market with a large population and the second largest economy in the world, so the demand for fruit and vegetables is increasingly large, especially tropical fruits that Vietnam has the advantage of producing in large quantities and with good quality.
Not only the Chinese market, many other markets in the Asia-Africa region are also "addresses" for many key products of Vietnam.
Mr. To Ngoc Son, Deputy Director of the Asia-Africa Market Department, said that the Asia-Africa market is a large market, with 117 countries and territories; a population of 6.5 billion people, accounting for about 80% of the world's population.
Notably, the Asia-Africa population structure is young, the demand for goods is diverse, including important markets for Vietnam's export and import goods. In the first 10 months of 2024 alone, the Asia-Africa market accounted for 66.6% of the country's total import and export turnover.
For example, textiles and garments, in the first 10 months, the export turnover of textiles and garments to the Asia-Africa region reached 10.7 billion USD, up by 8.6%, accounting for 35% of the total export turnover of the industry, of which, textile and garment exports to Japan reached 3.5 billion USD, up by 7% over the same period last year, to South Korea reached 2.7 billion USD, up by 2.7%.
Assessing the market potential for textiles and garments, a representative of the Asia-Africa Market Department said that in 2023, Japan will be the world's largest market for textile and garment consumption; domestic production only accounts for about 30% of total domestic market consumption.
For the African market, this is a market with a large population (1.4 billion people) while intra-bloc production is not yet developed.
For example, South Africa, Kenya, Nigeria , the population and income of the people are increasing, aesthetic tastes and fashion preferences are diverse.
Or for wood and wood products, in the first 10 months of 2024, wood export turnover to the Asia - Africa region reached 4.5 billion USD, an increase of 11%, accounting for 34% of total export turnover to the world.
Of which, China was the second largest wood export market of Vietnam (after the United States), accounting for 10-12% of total export turnover, in the first 10 months of 2024, wood export turnover to China reached 1.7 billion USD, an increase of 22.2% over the same period of 2023.
In addition, other markets such as India and West Asian countries are currently developing very strongly in housing construction. Middle Eastern countries are investment destinations with many real estate projects. Therefore, these are also markets that are assessed to have a lot of potential.
In addition, agricultural and aquatic products also achieved high export turnover to the Asia-Africa market with export turnover in the first 10 months reaching 20.7 billion USD, up by 18.8%.
Of which, agricultural and aquatic product exports to China reached 9 billion USD, up by 11.6% over the same period last year; agricultural and aquatic product exports to ASEAN reached 5.2 billion USD, up by 45%.
Taking advantage of location
Assessing the potential for exporting goods, Mr. To Ngoc Son commented that Vietnam's overall exports in the last months of the year are expected to achieve positive results, with total export turnover in 2024 forecast to maintain a growth rate of about 15% compared to 2023.
In particular, some groups of products will make a breakthrough such as agricultural products, aquatic products, textiles, leather and footwear due to orders shifting to Vietnam and the low base level of the same period in 2023.
In parallel, electronic components, computers, machinery, equipment, and means of transport will maintain a positive growth trend in the last months of the year thanks to the improvement of the global economic picture and investment environment after a series of recent monetary policy easing moves.
Meanwhile, factors affecting exports to the Asia-Africa market include: positive economic growth and large, young populations in Asia and Africa; bilateral and regional trade agreements will create many opportunities for Vietnamese enterprises to join supply chains.
Notably, the scenario of the US imposing import tariffs on Chinese goods will boost exports from ASEAN countries, including Vietnam.
The wave of production shifting out of China, especially in the fields of textiles, footwear, consumer goods, etc., creates a trend of restructuring the global supply chain, bringing opportunities for Vietnam to welcome foreign investment.
However, Vietnam's exports to these markets also have many potential risks and challenges due to geopolitical competition between major countries that can cause disruptions in the global value chain.
The representative of the Asia-Africa Market Department recommends that businesses need to quickly and strongly shift to official exports; promote the building of typical product brands; proactively grasp market requirements such as technical standards, documents, etc.
In particular, pay attention to trends and consumer tastes, especially requirements for green consumption, clean consumption, etc., while applying promotion and branding strategies according to appropriate market segments and applying advanced technology in processing, packaging, and preserving products, etc.
CK
Source: VITIC/ haiquanonline.com.vn