Promote economic cooperation with potential markets

With 179 valid foreign direct investment (FDI) projects, a total registered capital of more than 15.6 billion USD, and import-export turnover in the 2021-2025 period increasing 2.4 times compared to the previous period, Thanh Hoa is gradually affirming its position as a dynamic, integrated and trustworthy locality in the international arena. Along with consolidating traditional partners, Thanh Hoa is continuing to expand cooperation with many new and potential markets, in the direction of comprehensive and multilateralizing international relations.

Direct connection session, seeking cooperation opportunities at the Business Meeting and Connection Conference between Seongnam City (Korea) and Thanh Hoa Province.

In the period of 2021-2025, the total import-export turnover of the province is estimated at 73.7 billion USD, of which exports reached 29.27 billion USD, imports 44.48 billion USD, an average growth of 14.9%/year. Thanh Hoa goods are present in nearly 70 countries and territories, with more than 55 product groups, notably textiles, leather shoes, cement, crude oil, seafood, wood chips, handicrafts. In addition to key markets such as the United States, Japan, South Korea... many enterprises have proactively approached new markets with high consumption demand such as Europe, India, the Middle East and Africa, opening up sustainable directions in the context of increasingly fierce global trade competition.

Affected by the reciprocal tax policy from the United States on a number of imported goods, not only garments and leather shoes, many wooden furniture and seafood enterprises... have also promptly adjusted their strategies, shifting to many new markets to maintain production chains and ensure jobs for workers. Typically, at FXPT Seafood Import-Export Company Limited (Sam Son Ward), along with introducing many new products to the market, the company has expanded exports to Korea... Mr. Nguyen Huu Hung, Head of the company's General Department, shared: "We pay special attention to the Korean market, which is one of the markets that is considered to have potential and is relatively "open" to the seafood industry. Although it is a market with high requirements for quality and traceability, it is also very dynamic and open, especially for seafood products with high added value. The company is making efforts to deploy key products such as squid, snails, fish, mantis shrimp and some processed and deep-processed products to gradually affirm its position in this market."

In investment cooperation, Thanh Hoa promotes connections with many potential partners in technology transfer, green industry, education and smart cities. Typically, based on the good relationship between Thanh Hoa and Seongnam City (Korea) - a leading high-tech center with strengths in artificial intelligence, healthcare, transportation and smart agriculture , the province is striving to promote comprehensive cooperation, sharing experiences in e-government, smart cities, and connecting businesses in the fields of high technology, healthcare, education and tourism. Thanh Hoa also proposed and received goodwill from organizations and businesses in Seongnam City to cooperate in supporting experts, technology and training high-quality human resources, in order to adapt to the trend of digital transformation and sustainable development.

Mr. Lee Eui Joon, Director of Seongnam City Industrial Promotion Agency, commented: “Many Seongnam enterprises are looking for opportunities to expand to Southeast Asia, including Vietnam, especially Thanh Hoa province, which is of interest due to its strategic location, abundant human resources and rapid industrialization. We believe that Thanh Hoa will be an effective cooperation partner in the future.”

Along with Korea, Japan is currently a strategic partner with the largest total FDI capital in Thanh Hoa. Currently, the province has 17 projects of Japanese investors and joint ventures, in which the relationship between Niigata province (Japan) and Thanh Hoa is a bright spot. Niigata has strengths in agricultural processing industry, metal products, green technology - areas that Thanh Hoa is aiming to develop. The two sides jointly organized the Thanh Hoa - Japan Investment, Trade and Tourism Promotion Conference in 2024, and signed a Memorandum of Understanding on cooperation for the period 2021-2025, opening up opportunities for cooperation in circular and organic agriculture, human resource training and sports . On that basis, the province is promoting cooperation with Niigata in green agricultural production, transferring processing technology, as well as improving the quality of human resources in terms of technique, discipline and labor productivity, aiming at the goal of sustainable development and deep integration.

VINAGREEN Investment and Development Joint Stock Company with modern production lines, meeting standards to bring goods to conquer international markets.

The US and European markets continue to be important destinations for Thanh Hoa goods. In the 2021-2025 period, export turnover to the US reached more than 7.26 billion USD, to Europe reached 1.64 billion USD, mainly textiles, footwear, handicrafts, seafood... Along with effectively utilizing new generation free trade agreements such as EVFTA, UKVFTA, CPTPP, the province is supporting businesses to transform production towards green, circular, meeting international standards, thereby affirming the brand of "Made in Thanh Hoa" goods in the global market.

According to Dr. Nguyen Bich Ngoc, Deputy Director of the Institute of International Trade and Economics, National Economics University, Vietnam's export industry is facing many opportunities to expand its market, especially in India and the Middle East. “These are markets with large, stable purchasing power and increasing demand for high-quality goods from Vietnam. Thanh Hoa enterprises can fully participate more deeply through agreements and strategic partnerships, typically the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) with a commitment to eliminate tariffs on 99% of Vietnam's export turnover. For each specific industry, especially agricultural products and processed foods, Thanh Hoa enterprises can also take advantage of Halal certification - a "commercial visa" that helps goods easily access markets of Muslim countries. Proactively grasping the standards and consumption trends of this market group not only helps enterprises expand export channels, but also elevates the brand of Vietnamese goods on the global trade map; at the same time promoting connection and investment cooperation activities in the coming time", Dr. Nguyen Bich Ngoc shared.

Article and photos: Tung Lam

Source: https://baothanhhoa.vn/thuc-day-hop-tac-kinh-te-voi-cac-thi-truong-tiem-nang-267134.htm