This garment company has 15 years in exporting national flags to Denmark, and traditional clothes to Malaysia. Although this company wants to expand its markets and create a brand, but enterprises still face difficulties. The hardest of which is the lack of market information or partners, and competition abroad.
“Small businesses face financial difficulties, it seems to be difficult to develop in new markets. To expand into large markets means greater financial support, support in trade promotion, support in finding partners, and promotion of the business.” - Tu Thi Bich Loc, Director, My Anh Co., Ltd.
Entering foreign markets is difficult, but firms need to be able to enter new markets in order to develop. Commercial counsellors attached to Vietnamese embassies abroad need to improve their consultancy advance to firms looking to expand their presence abroad.
“Commercial agencies need to offer analysis of market trends in their host countries and provides business information promptly.” - Dr. Nguyen Minh Phong, Economic Expert.
According to the Ministry of Industry and Trade, in the last year, Vietnamese exports have faced around 100 dumping accusations or trade disputes. Overseas markets could become even harder to access in the future if firms aren’t sufficiently prepared.
“Vietnamese businesses frequently lack knowledge of laws in foreign countries, specifically regulations on goods. Businesses are often put off by regulations and don’t bother to export their products.” - Nguyen Tien Duc, President, Asian Management and Development Institute.
According to experts , The transaction abroad not only facilitate business activities abroad easier , but also as representatives , support for Vietnam enterprises , because enterprises is still limited , while economic context is constantly changing.
