Surveys have shown that foreign consumers highly appreciate Vietnam-made goods, which means that conquering the domestic market is completely within reach of Vietnamese producers.

 

In early 2010 Vietnam conducted a survey to find out how expatriate consumers regard Vietnam-made products. The findings were impressive and a nice surprise. Vietnam products received 3.7 in quality (one score is the lowest, while five is the highest level).

 

Dr Nguyen Minh Phong from the Hanoi Institute for Socio-Economic Development, who provided the information about this survey’s results, commented to Tien Phong newspaper that now is the right time for Vietnam-made goods to “spring up” and cement their position in the domestic market.

 

The five product items that foreign consumers purchase and give highest scores for quality are Vinamilk fresh milk, Trung Nguyen Coffee, Thien Long pens, Kinh Do confectionary, and Viet Tien, An Phuoc, Nha Be, Garment 10 brand shirts.

 

The foreigners chose products after they compared the quality and safety of Vietnam-made and China-made goods.

 

Foreigners who have been living in Vietnam for a long time noted that they have seen considerable improvement in the quality of products, such as Minh Long brand china products, Thien Long and Ben Nghe pens, dairy products, confectionary, books, clothes, footwear, bamboo products, and home furniture.

 

By the end of 2009, Vietnam had a population of some 86 million people and some four million Vietnamese living and working in foreign countries, which means that Vietnamese producers now have a vast consumption market.

 

The domestic market is especially important to Vietnamese producers. The average income per capita is now $1,000 per annum, 2/3 of which is being spent on food, accommodations, clothes, study, healthcare, entertainment and travel.

 

These demands can be satisfied with Vietnam-made goods, if the products can compete with foreign ones. Vietnam is now importing $10 billion worth of mechanical products every year, 60 percent of which can be made domestically.

 

The four million Vietnamese now living in over 100 countries, according to Phong, should also be seen as potential consumers who have total incomes of $40 billion per annum (more than 50 percent of the number of people and assets gathered in the US, Canada, France and Russia), or equal to ½ of Vietnam’s GDP.

 

Phong remarked that the demand for food and daily family basic needs alone is big enough to become a vast market for Vietnamese producers. Especially, Vietnam-made goods are always top priority for many Vietnamese families, thanks to the unique tastes and traditions of Vietnamese people.

 

Phong stressed that economic lessons have all shown that the goods economy has a close relationship with the domestic market.

 

Right now is said to be the time for Vietnamese producers to focus on the domestic market instead of targeting export only. Japan, South Korea, Thailand and a lot of developed countries have been dignifying the role of the domestic market and encouraging the local production. Businesses will not be able to expand their business if they cannot sell products to domestic consumers.

 

VietNamNet/TP