Vietnam, Middle East countries see great cooperation potential
The cooperation potential between Vietnam and the Middle East countries is very large with the Middle East region’s strengths in oil, gas, financial potential and high liquidity and Vietnam’s strengths in food, farm produce, seafood, consumer goods and building materials.
That was reported at an international workshop hosted by the Ministry of Industry and Trade on December 20.
According to the ministry, Vietnam-Middle East countries trade turnover reached only US$12.67 billion at the end of November.
With strongly developed economy, Gross Domestic Product (GDP) per capita of Middle East countries touches US$30,000-60,000 a year. The market is in high import demand of food, farm produce, seafood, consumer food and building materials.
The Middle East’s food import now approximates US$40 billion a year, it is forecast to increase to $70 billion in 2035. Domestic seafood supply meets about 25 percent of people in the United Arab Emirates and the remaining of 75 percent is dependent on import.
Import tariff in the Middle East countries is as low as 0-0.5 percent.
Vietnam’s farm produce and food export to the Middle East reached $774.6 million last year.
The cooperation potential between the two sides is very large so businesses should intensify trade promotion, market survey; build market penetration strategies and make products with quality and designs suitable with standard regulations and consumer customs in Middle East nations.