Can Tho (VNA) – Opportunities for expandingcommodity trade to the still untapped 1.6-billion-people Northeast Asian marketwere a highlight of a seminar held on November 10 in the Mekong Delta city ofCan Tho.

As heard at the event that gave information on demand, trends,and regulations in the East Asian farm produce market, Northeast Asia boastssignificant purchasing power and immense potential for economic and commercialdevelopment. In addition to the three major trading partners – China, Japan,and the Republic of Korea (RoK), other important markets of Vietnam in thisregion include Taiwan (China), Mongolia, and Hong Kong (China).

Nguyen Nhu Tiep, Director of the Ministry of Agriculture and Rural Development(MARD)’s Agro-Forestry-Fisheries Quality Assurance Department, acknowledgedthat East Asia is a market of both traditional and strategic significance toVietnam, with East Asia standing out as a large export market of the nation,trailing only behind the EU and the US.

According to Nguyen Duy Kien from the Asia-Africa MarketDepartment under the Ministry of Industry and Trade, Vietnam's totalimport-export turnover with the Northeast Asia market reached 350.2 billion USDlast year, accounting for 48% of its total global trade. In the first ninemonths of 2023 alone, the figures were 236 billion USD and 47.5%, respectively.

Also during the January - September period, Vietnam's exportstructure to the region covered processing-manufacturing goods, constructionmaterials, fuel, minerals, and agro-forestry-fishery products.

Addressing challenges faced by Vietnamese exports to the area,Kien underscored an increase in transportation costs, currency policies,tightening expenditures, and new import standards imposed by China, the RoK,and Japan.

In response, he advised localities and businesses adapt tonew consumer trends and standards in the export markets, maintain market shareby maximising the benefits of reduced tariffs brought about by free tradeagreements (FTA), step up trade promotion, push products into largedistribution systems, and capitalise on cross-border e-commerce./.