Domestic market woos foreign investors

August 05, 2019 | 11:37

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Representatives of over 550 enterprises working in food and beverages and 400 others in medicine and pharmaceuticals from 350 countries will arrive in Vietnam from August 7 – 10 to explore business opportunities, according to the Ministry of Industry and Trade.

Illustrative image (Photo: VNA)

Chairwoman of the Food and Foodstuff Association of Ho Chi Minh City Ly Kim Chi said Vietnam remains an attractive destination for foreign investors.

Sharing the same view, an official of the Korea Chamber of Business in Vietnam said Vietnamese consumers tend to use clean and safe products, that is why that Korean firms will focus on offering products that meet organic and GlobalGAP standards.

According to Chairwoman Chi, about 20 percent of domestic businesses have switched to organic production.

As for medical equipment and pharmaceuticals, the domestic market is worth 9 billion USD each year with an annual growth of 14 percent. Due to limited involvement by Vietnamese firms in the field, room for foreign rivals is huge.

Vietnam has signed several trade agreements with countries globally, recently the European Union–Vietnam Free Trade Agreement after nine years of negotiations, which has opened up export opportunities for Vietnamese goods, especially agro-forestry-fisheries, and processed food.

Vice Chairman of the Ho Chi Minh City Medical Equipment Association Hua Phu Doan said the country is now home to about 300 companies operating in medical equipment, but they are of little added value and yet to meet demand for health check-ups and treatment.

Experts suggested that authorities should issue policies to improve supply chain and offer incentives to investors in the field.

VNA

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