Vietnam’s export products merely account for 2 percent of European market share

Vietnamese trade counselors in Europe affirmed that Vietnam's exports merely accounted for 2 percent of the European import market share at a meeting on trade promotion to the European market held by the Ministry of Industry and Trade (MoIT) on November 25.
Workers process cashew nuts for export in Binh Phuoc Province. (Photo: SGGP)
Workers process cashew nuts for export in Binh Phuoc Province. (Photo: SGGP)

Groups of export products of Vietnam that have export advantages to this market are agricultural and aquatic products, processed foods, footwear, garments and textiles, and some high value-added product categories, such as electrical products, electronics, telephones, equipment, and machinery.

However, Mr. Bui Vuong Anh, Vietnam Trade Counselor in Germany, said that because Vietnamese exports accounted for only 2 percent of the total import turnover of the European market, the market room remains fairly large. Enterprises need to understand the advantages, especially for commodities, such as agricultural and aquatic products, garments and textiles, and footwear, to increase quickly market share in this region. As for seafood products, enterprises should pay attention to warnings on the origins of the European Union (EU). Because the EU currently has been increasing the frequency of checking seafood products exported from Vietnam.

In another perspective, the trade counselors said that the EU has up to 28 countries. However, exports from Vietnam mainly concentrated in a few nations, namely Germany, the Netherlands, Italy, France, and Austria. The fact that enterprises only focus on a few markets puts them at risk, especially when the market experiences fluctuations like the current Covid-19 pandemic. Therefore, it is necessary to consider expanding market share in this region. According to the Trade Counselor in Sweden, Vietnamese enterprises can now immediately expand their market share to Northern Europe, and products with great potential are women's garments, seafood, footwear, raw coffee bean, and unshelled cashew nuts.