(VOV) – A pick up in the pace of handicraft orders from Japan and China have flooded the Vietnamese market recently, creating an opportunity for the industry to achieve its export turnover target of US$1.6 billion this year.
Do Kim Lang, deputy head of the Trade Promotion Agency under the Ministry of Industry and Trade, said that the influx of handicraft orders to Vietnam are attributed to the impact of China’s minimum wage increase program, leading to a rise in production costs.
In addition, long time delivery and tough requirements of orders forced importers from Australia and Japan to leave China and eye Vietnam, Lang said.
Le Ba Ngoc, general secretary of the Vietnam Handicraft Exporting Association (Vietcraft) in turn said that in fact, importers have placed increased trust in the quality of Vietnamese handicrafts.
In recent years, local businesses selected high-end and mid-end market segments to devise investment strategies and sharpen competitiveness to improve product quality and promote Vietnamese handicrafts to the world.
The US, EU and Japan remain Vietnam’s traditional markets, making a major proportion out of the sector’s total export turnover. Local businesses are currently seeking to fully tap emerging markets in the BRICS nations (Brazil, Russia, India, China, and South Africa).
Within the BRICS bloc, Vietnam exports wood products worth some US$100 million to the Chinese market each year.
Ngoc warned that small-scale businesses are likely to suffer losses if investing in low-cost products. Therefore, to increase export turnover, he suggested they should focus on the mid-end market segment in accordance with production capacity, working skills and material sources.
Đăng ký: VietNam News
