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Previously, 100% of products of Son Lam Trading Service Company Limited, Thanh Hoa province were exported to the Korean and Taiwanese markets, but since the beginning of the year, the company has shifted to exploiting the domestic market.
The company representative said that shifting to the domestic market has helped the company be more proactive in the production and transportation of goods. In addition, payment is also faster. Currently, the company has domestic orders until the end of the second quarter of 2024, focusing on some key markets such as Bac Ninh, Thai Binh , Thanh Hoa.
Mr. Cao Van Son, Director of Son Lam Trading Service Company Limited, Thanh Hoa province
Mr. Cao Van Son, Director of Son Lam Trading Service Company Limited, Thanh Hoa province said: "Currently, the market share of domestic orders is about 40%. In the future, we plan to increase advertising to domestic customers, and expect growth of 10-12% this year."
With a population of about 100 million people, the domestic market is very large and there is still much room for exploitation. Especially now, the trend of consumers choosing products produced by Vietnamese enterprises is increasing. Along with that, Vietnam's economic growth in recent years has always been positive compared to the world's average, so consumer purchasing power has also maintained a fairly high growth rate. This is a favorable condition for businesses in Thanh Hoa province to exploit and promote product consumption in the domestic market.
Currently, many businesses have implemented solutions to restructure production, introducing product lines that are suitable for domestic consumer trends. At the same time, they have promoted trade promotion and flexibly applied sales methods to increase sales and enhance the competitive value of products in the market.
Mr. Nguyen Trung Duc, Director of B85 Garment Joint Stock Company Factory, Thanh Hoa Province
Mr. Nguyen Trong Hung, Deputy Director of Thanh Hoa Wood Industry Company Limited, Thanh Hoa Province: "For a long time, we have maintained the domestic market at 10% of total sales, aiming to develop it to 30-40%, especially with construction boards, we increase the quality, bring reasonable prices suitable for the market".
Mr. Nguyen Trung Duc, Director of B85 Garment Joint Stock Company Factory, Thanh Hoa Province added: "Foreign enterprises and units are increasingly demanding, so exploiting the domestic market will help stabilize the source of goods during volatile times, so enterprises are aiming to produce domestic goods, aiming to increase the proportion of domestic goods to 10-15%".
Many economic experts believe that while the export situation is still recovering slowly, the provincial and domestic markets are considered to be more stable and especially more resilient than the export market. Therefore, in the long term, any business that knows how to take advantage of and exploit the domestic market well will create a solid foundation, helping the business develop sustainably.
Source: THNM Newsletter May 18
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