Local firms advised to think beyond Asean market

01-Oct-2015 Intellasia | The Saigon Times | 6:00 AM Print This Post

Tran Tuan Anh, deputy minister of Industry and Trade, said at a business forum in HCM City last week that local enterprises should seek to make the most of opportunities in a bigger market than just Asean.

Anh told Vietnam CEO Forum 2015 that the establishment of the Asean Economic Community (AEC) late this year would enable local enterprises to tap into a single market of 600 million people, but Vietnam has already signed 10 free trade agreements and local businesses should think about this.

Commenting on the fact that a few domestic companies know about the AEC, Anh said many businesses have given little care to the AEC though they can easily get information from the Vietnam Chamber of Commerce and Industry (VCCI).

“Have any businesses contacted VCCI for information about the AEC?” Anh questioned business leaders attending the forum but not many of them raised their hands.

Hans-Paul Burkner, chair of Boston Consulting Group, advised Vietnamese enterprises to focus on their strengths and join forces to grow on the local market before branching out to overseas markets like Thailand and Indonesia.

Burkner called for businesses to learn about the culture of a market before entering it.

Speaking to the Daily on the sidelines of the forum, PEB Steel executive chair Sami Kteily said Vietnamese companies should have a practical view of the Asean market and that it is difficult for Vietnamese goods to compete with products of the same types made in Thailand, Indonesia and Malaysia.

Minister of Justice Ha Hung Cuong said businesses should study the legal system of a market before they decide to make investments.



Category: Economy, Vietnam

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