As exports are facing difficulties due to the COVID-19 pandemic, the domestic market of nearly 100 million people is seen as huge potential to rescue local businesses.
Enterprises in certain sectors have mapped out plans to increase their presence in the domestic market as most foreign ones have become frozen due to the COVID-19 pandemic.
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.
The domestic market is expected to see considerable changes in 2019 as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) became effective as from January 14, according to market watchers.
Motorcycle sales in 2018 broke the record set seven years ago (3.3 million) with nearly 3.4 million vehicles sold in the domestic market during the year.
Vietnam’s fruit sector should focus on gaining trust from domestic consumers before focusing on exports, said Deputy Director of the Plant Cultivation Department under the Ministry of Agriculture and Rural Development (MARD) Nguyen Nhu Cuong.
The Ham Duc dragon fruit cooperative in Binh Thuan province was set up in 2015 and is now headed by Ms Le Nguyen. In a little more than a year, they have established their trademark in the domestic and foreign markets.
The implementation of the “Vietnamese use made-in-Vietnam goods” campaign is a right policy that needs to be stepped up to boost the domestic market in the long run.