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Taiwan becomes Vietnam’s fifth largest partnerTaiwan has become Vietnam’s fifth largest trading partner, according to the most recent press release of the Ministry of Trade and Industry (MoIT)’s Asia-Pacific Market Department.

Taiwan–the fourth largest exporter to Vietnam–plays a pivotal role in shipping Vietnamese products to other markets in the US, Asia and Europe, the MoIT says.

However, on the downside, the significantly lower import of Vietnamese goods into theTaiwanese market, which is ranked 16th among Vietnam’s biggest importers, results in an imbalance in trade turnover.

Over the past two decades, Vietnam’s Taiwanese exports included telephones and spare parts, garments and textiles, agro-forestry-fishery products, machines, footwear, ceramics, computers, and electronics.

The MoIT release states that with a total population of 23 million and a US$474 billion GDP, Taiwan enjoyed an annual economic growth rate of 4.8%.

Currently there are more than 200,000 Vietnamese people living in Taiwan and that will help promote made-in-Vietnam products in the Taiwanese market.

To penetrate the Taiwanese market, the MoIT says, local exporters should pay due attention to ensuring food hygiene and safety, increasing product quality, and grasping up-to-date information on tariff and non-tariff policies.

Major focus should be given to product diversification, export promotion, market expansion and market studies by organizing and participating in domestic and overseas trade fairs.

Vietnam Customs reported that Vietnamese exports to Taiwan achieved a remarkable growth in 2013, earning nearly US$2.08 billion in the first 11 months, equivalent to the previous year‘s figure.

The country’s export earnings from the Taiwanese market were estimated at US$1.84 billion in 2011 and US$2.081 billion in 2012.

MoIT economists forecast Taiwan will continue to be Vietnam’s promising export market in the coming years, especially for three key items – telephones and spare parts, garments and textiles, and seafood.

Vietnamese exports to Taiwan particularly timber products, footwear, porcelains, and ceramics will reap higher revenue, the MoIT concludes.

(Source: HanoiTimes)

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