ASEAN countries are entering the recovery phase after the Covid-19 pandemic, with great demand in importing goods, especially Thailand and Singapore market. This is an opportunity to promote exports (exports) of goods to this region.

According to Mr. Nguyen Phuc Nam, Deputy Director of the Asia-Africa Market Department (Ministry of Industry and Trade), ASEAN is Vietnam's fourth-largest export market after the United States, China, and the European Union (EU). In 2020, due to the impact of the Covid-19 epidemic, import and export of goods between Vietnam and ASEAN decreased slightly by 6.8% compared to 2019, reaching 53.6 billion USD. However, in 2021, Vietnam-ASEAN trade has recovered, regaining its growth momentum. Two-way trade turnover between Vietnam and ASEAN in 10 months of 2021 reached 56.6 billion USD, up 30% over the same period in 2020, higher than the average growth rate of import and export between Vietnam and the world at 22. 6%.

Agriculture and fishery are typical commodity groups with great potential to promote exports to the ASEAN market in the coming time

ASEAN has the advantage of being a close market that helps businesses save on transportation and warehousing costs. Enterprises can also choose a method of transporting goods such as sea, road, and air transport. In the future, ASEAN countries will accelerate the implementation of post-pandemic economic recovery measures such as commitments on market opening, supply chain assurance, and trade facilitation. It is beneficial for Vietnamese enterprises to further exploit the potential of this market area, especially the markets of Thailand and Singapore", the leader of the Asia-Africa Market Department assessed.

Thailand is Vietnam's largest trading partner in the ASEAN region. In the 10 months of 2021, according to the Thai Customs Authority, the country's total import-export turnover reached over $443 billion, up 23% compared to in the same period last year, of which imports reached over USD 221 billion, up 31.3%, said Tran Thi Thanh My, Vietnam's Trade Counselor in Thailand. The main imported goods of Thailand are input materials and fuel for domestic production. This is a sign that the Thai manufacturing industry has recovered strongly after the impact of the Covid-19 epidemic.

Currently, Vietnam is Thailand's second-largest trading partner in the ASEAN region and fifth in the world. Bilateral trade flourished. In the first 10 months of 2021, Vietnam's exports to Thailand reached 49.6 billion USD, up 21.7% over the same period last year. High-growth commodities are crude oil, petroleum, ore, coal, metals, seafood... Vietnam and Thailand still have great potential to promote trade cooperation. The most potential products are food, aquatic products, and many Vietnam's strong agricultural products such as cashew nuts, coffee, pepper, vegetables, etc.," said Ms. Tran Thi Thanh My.

Pay proper attention to the market

For the Singapore market, according to Ms. Tran Thu Quynh, Vietnamese products are still very competitive in price compared to similar products of Malaysia, China, Indonesia, etc.

“Besides, Vietnamese enterprises have not devoted much attention as well as appropriate resources to researching competitors, market trends, and industry opportunities. To survive, businesses should not ignore market research. The Vietnam Trade Office in Singapore as well as in other countries are ready to help businesses research competitors information and market structure", emphasized Ms. Tran Thu Quynh.

Ms. Tran Thi Thanh My especially noted that exporters have high-risk problems in the context of the epidemic, which cannot be discussed directly with partners. Recently, the Vietnam Trade Office in Thailand received a petition 2, 3 times higher than before the epidemic related to the situation of enterprises facing fraud in both export and import directions. In which, there is more than a case where Vietnamese enterprises were scammed when signing orders to import agricultural products, A4 paper from Thailand. “When businesses have transactions that they feel are not secure and cannot be verified, businesses can talk to the Vietnam Trade Office in other countries to receive timely support such as business verification, consultation,… to minimize the risks," said Ms. Tran Thi Thanh My.