| What should businesses pay attention to if they want to increase exports to the Nordic market? What should businesses that export processed and manufactured products to the Nordic market pay attention to? |
On October 8, 2024, at the headquarters of the Vietnam Trade Office in Sweden, Ms. Nguyen Thi Hoang Thuy - Vietnam Trade Counselor in Sweden, concurrently in charge of the markets of Denmark, Norway, Iceland and Latvia - chaired a working session with a business delegation organized by the Vietnam Federation of Commerce and Industry (VCCI).
The meeting focused on in-depth discussions on the situation of the Nordic market, export opportunities as well as challenges that Vietnamese enterprises need to overcome to successfully penetrate this region. The delegation included representatives of enterprises from many important industries such as: Seafood, textiles, minerals, construction, mechanics, and information technology.
During the meeting, Ms. Thuy provided an overview of the geographical characteristics, economy and consumption trends of the Nordic countries. In particular, she emphasized the important commitments in the Vietnam – EU Free Trade Agreement (EVFTA) for a number of strategic products of Vietnam such as: Rice, coffee, and seafood. In addition, Ms. Thuy also pointed out potential products that can boost exports to Northern Europe, including new trend products that are sustainable and environmentally friendly.
Ms. Nguyen Thi Hoang Thuy emphasized that although the Nordic market is small, it is a pioneer in creating new consumer trends, opening up great opportunities for Vietnamese businesses, if they know how to take advantage of EVFTA and grasp market demand.
Evaluating the Nordic market from a different perspective, one of the traditional ways of thinking about evaluating potential export markets is often based on factors such as market size, purchasing power, barriers to entry and competition. According to these criteria, the Nordic market is small in size, has high barriers to entry and is fiercely competitive. This may make many Vietnamese businesses, which mainly rely on the ability to supply large quantities and compete on price, feel that this is not a priority choice.
However, from another perspective, Northern Europe is an “elite” and “leading” market in many major global trends. They are at the forefront of areas such as environmental protection, climate change response, elderly healthcare, promoting high-quality lifestyles, harmony with nature, and sustainable development. These countries have a cohesive social system, high welfare, and focus on smart consumption, which creates potential for high-quality Vietnamese products if businesses know how to seize them.
“Therefore, to enhance Vietnam’s export position, businesses should not only consider Northern Europe as a small market but also consider these as key “striving” markets. Successful exports to Northern Europe will not only bring economic value but also contribute to building the reputation of Vietnamese goods globally, thanks to the strong influence of these markets,” Ms. Nguyen Thi Hoang Thuy emphasized.
At the meeting, businesses discussed products such as seafood, wood, pulp, garments, OCOP products, and alcoholic beverages, and expressed their desire to receive support from the Trade Office in connecting with Nordic partners.
Ms. Thuy emphasized that, to be effective in the coming time, businesses need to actively use the Trade Office's online support tools such as the website vietnordic.com and Facebook to update market information and promote products to potential partners.
Source: https://congthuong.vn/tang-cuong-dua-san-pham-det-may-ocop-thuy-san-go-vao-thuy-dien-va-bac-au-351140.html
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