VN food sector lures foreign investors
Thursday, September 20,2018AsemconnectVietnam - Viet Nam has a diverse and well-developed agricultural and food industry that offers vast opportunities to companies in the food industry, from sourcing to processing, a Hong Kong speaker said at a forum held on Wednesday in HCM City.
Stephen Liang, assistant executive director of the Hong Kong Trade Development Council (HKTDC), said Hong Kong and the 10 ASEAN member states formally signed a free trade agreement and related investment agreement last November.
“These agreements marked a major milestone for Hong Kong-ASEAN collaboration on trade and economic matters, of which Viet Nam has been a close trading partner in ASEAN for Hong Kong,” he said.
As Viet Nam is one of the most dynamic emerging countries in East Asia, with a rising middle class willing to eat non-local foods, he said “I believe the high-quality food products our delegates offer will attract them. Professional service provision is another major area that stands a very good chance for further collaboration.”
Many companies in Viet Nam want to reach out to overseas markets, including the fast-growing Chinese mainland.
Vu Ba Phu, head of the Trade Promotion Agency under the Ministry of Industry and Trade, said in recent years Viet Nam’s food industry had been developing rapidly, supplying a number of highly competitive products for exports and the local market.
“The country’s annual food consumption value is estimated at 15 per cent of the country’s GDP.”
Exports of farm produce in the first six months were estimated at $13.5 billion, up 9.5 per cent from the same period of 2017.
The Ministry of Industry and Trade (MoIT) will continue to work with the Ministry of Planning and Investment and the Ministry of Agriculture and Rural Development and other agencies to offer the most favourable conditions for investors in the processed food industry.
The Trade Promotion Agency will continue to cooperate with agencies to hold more trade promotion activities for enterprises in the food industry.
Speakers also discussed other issues in the food industry such as raw materials, new trends in processed food products and new technologies to increase added value.
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