How to support businesses in bolstering exports in Eurasian market

The Eurasian region represents a traditional market for Vietnamese goods and is currently considered a potential export market that has ample room for broader co-operation.

This region consists of 28 countries, stretching from Eastern Europe to Central Asia, with a population of more than 400 million people and a total GDP of nearly US$4,500 billion.

Regarding Vietnam - Eurasia trade links, according to data compiled by the General Department of Customs, in the context of the global economic and political situation with many unusual fluctuations, bilateral trade between the nation and Eurasian countries reached more than US$13 billion last year, down 9.7% over the same period from 2021.

Of the figure, exports dropped by more than 13% and imports fell by nearly 3% on-year.

Over the past nine months, trade exchange between the country and Eurasian nations hit US$9 billion, down 6.5% compared to the same period in 2022, including over US$6 billion from Vietnamese exports to this region and nearly US$3 billion from imports.

According to Ta Hoang Linh, head of the Europe - Americas Market Department under the Ministry of Industry and Trade, despite falling trade exchanges between the two sides in recent times, the Eurasian region remains a market that boasts huge potential for Vietnamese businesses.

"Vietnam's export turnover to the Eurasian region only accounts for roughly 2.4% of the nation's total export turnover and about 0.4% of this region's total import turnover. Investment projects from the Eurasian region currently only makes up for around 0.3% of overall foreign direct investment in Vietnam. Thus, there is still a very large market capacity for businesses of both sides to engage in each other's market," Linh went on to say.

Vietnamese businesses should therefore seek to take advantage of opportunities for co-operation with countries in the Eurasian region. However, to concretise these chances, especially amid global economic instability, it can be viewed as necessary for them to stay updated on market information and regional policies, as well as to optimise marketing solutions, payment methods, and transportation.

The Ministry of Industry and Trade, as the agency in charge of bilateral and multilateral economic and trade co-operation activities in the Eurasian region, will continue to work alongside regional embassies and Vietnamese Trade Offices abroad in accompanying the business community to grasp and take advantage of new opportunities.

In addition, they will seek to remove difficulties and obstacles in trade activities whilst continuing to fine-tune and carry out comprehensive solutions to promote trade and investment activities between Vietnam and the European - American market in general and the Eurasian market in particular.