Room to fos­ter VN-Tai­wan ties

Viet Nam News - - BUSINESS -

HAØ NOIÄ — There re­mains mas­sive un­tapped po­ten­tial for bi­lat­eral co-oper­a­tion be­tween Viet­namese and Tai­wanese firms in the sec­tors of au­to­mo­tive parts, green en­ergy and e-com­merce, said Chen­ing Fan, di­rec­tor of the Tai­wan Ex­ter­nal Trade De­vel­op­ment Coun­cil (TAITRA) – a Tai­wanese non­profit trade pro­mot­ing or­gan­i­sa­tion.

The di­rec­tor made the re­marks to the press on the side­line of a busi­ness match­ing con­fer­ence held yes­ter­day in Haø Noiä . The event wit­nessed the par­tic­i­pa­tion of ap­prox­i­mately 138 en­ter­prises, 100 of which were Tai­wanese.

Vieät Nam has ex­pe­ri­enced high eco­nomic growth rates in re­cent years and is a lu­cra­tive mar­ket for Tai­wanese prod­ucts, he said.

Along­side this, Vi­etä Nam has signed many free trade agree­ments (FTAs) with var­i­ous coun­tries and blocs. This has re­sulted in tax in­cen­tives that Vi­etä Nam could ben­e­fit from when ex­port­ing goods to many large mar­kets. As a re­sult, Tai­wanese en­ter­prises hope to fos­ter their co-oper­a­tion with Viet­namese part­ners in de­vel­op­ing prod­ucts which could then be shipped to these mar­kets, the di­rec­tor said.

Sales di­rec­tor of Long Tsuen In­dus­trial Co Howard Ko, which man­u­fac­tures and ex­ports valves and pipe fit­tings, boiler parts, and wa­ter, gas and steam ac­ces­sories, said his com­pany seeks to ex­pand its part­ner­ship to more Viet­namese busi­nesses to in­crease its dis­tri­bu­tion to fur­ther tap into the mar­ket.

Long Tsuen In­dus­trial Co ex­ports US$100,000 worth of prod­ucts to the Viet­namese mar­ket an­nu­ally. This is a mod­est fig­ure com­pared to the po­ten­tial that the mar­ket holds, he said, ad­dding that the in­dus­try and con­struc­tion sec­tors in Vieät Nam have grown rapidly over the past few years, re­sult­ing in high de­mand for his com­pany’s prod­ucts.

Dur­ing the busi­ness fo­rum, firms­fromVi­etä Na­mandTai­wan also dis­cussed co-oper­a­tion op­por­tu­ni­ties in many other ar­eas such as home ap­pli­ance, farm pro­duce, cos­met­ics and sports equip­ment.

A rep­re­sen­ta­tive of a Viet­namese com­pany spe­cial­iz­ing in pro­duc­ing and pro­cess­ing cin­na­mon-made tea prod­ucts said dur­ing the event his com­pany hopes to ad­ver­tise its prod­ucts and seek new trade part­ners from Tai­wan be­cause of sim­i­lar­i­ties in tea cul­ture be­tween the two economies.

Bi­lat­eral re­la­tions be­tween Vi­etä Nam and Tai­wan in trade and in­vest­ment have been im­prov­ing over past years.

Bi­lat­eral trade reached $12 bil­lion in 2016 and over $12.4 bil­lion in the 11 months of 2017. Vieät Nam ex­ported nearly $2.88 bil­lion worth of goods to Tai­wan dur­ing this pe­riod, up 16 per cent year-on-year while its im­ports from the mar­ket hit close to $9.55 bil­lion, up 9.4 per cent year-on-year. This­meansthatVi­etä Nam­saw a trade deficit of more than $6.7 bil­lion with Tai­wan, 7 per cent more than the same pe­riod of 2016.

AmongVi­etä Nam’sma­jor ex­ports to Tai­wan are live an­i­mals and an­i­mal prod­ucts, veg­etable, pro­cessed food, and bev­er­ages, as well as min­er­als, crude oil, chem­i­cals, rub­ber goods, and tex­tiles and gar­ments.

Its im­ports from Tai­wan con­sisted mainly of seafood, plas­tic ma­te­ri­als, wooden goods, chem­i­cals, pa­per and pa­per pulp, elec­tron­ics com­po­nents, ma­chin­ery and trans­port ve­hi­cles.

As of March, Tai­wan was Vieät Nam’s forth largest source of for­eign di­rect in­vest­ment with 2,549 projects, cap­i­talised at $30.94 bil­lion. — VNS

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