Vietnam assists businesses boost exports to Kuwait

Wednesday, 25/05/2022 15:43
The Ministry of Industry and Trade’s Trade Promotion Agency, in coordination with Vietnam Trade Office in Kuwait, will organize a session to consult on exports to the Kuwait market on June 1.

Prime Minister wishes to boost exports to Kuwait

Enterprises are increasing production and export. (Photo: VNA)

According to a representative of the Ministry of Industry and Trade, at the consultation session, Mr. Tran Trung Hieu, Second Secretary of the Vietnam Trade Office in Kuwait, will introduce an overview of the market for processed products in Kuwait and issues of access, application of regulations, standards and conditions for exporting this product to the Kuwait market.

Besides, Mr. Ali Al Sayeghm, President of Lemonade International Company for Convention and Exhibition Management in Kuwait cum President of the International Import-Export Portal Company in Vietnam, will share some experiences in doing business with the Kuwait market.

According to data from the General Department of Vietnam Customs, two-way trade turnover between Vietnam and Kuwait in 2021 reached more than 4.78 billion USD, up about 49% over the same period the previous last year. In which, Vietnam's exports reached more than 60 million USD.

Vietnam’s main export items to Kuwait include mobile phones, electronic equipment and spare parts, seafood, furniture and agricultural products (vegetables, tea, rice, pepper, cinnamon and star anise). In which, wood and wood products account for the highest proportion, followed by vegetables and fruits, means of transport, and aquatic products.

In the opposite direction, in 2021, Vietnam’s imports from Kuwait posted more than 4.7 billion USD, up 49% over the same period last year. This year, the country mainly imported a large amount of crude oil from Kuwait for refining activities from Nghi Son Refinery.

According to the Kuwait Customs Service, Kuwait’s import turnover from Vietnam only accounts for more than 1% of the market’s total import turnover.

With 82% of the country’s area being desert, besides oil revenue, Kuwait has not yet produced many agricultural, industrial and consumer goods. Besides, Kuwait's GDP per capita is high, so consumer demand for goods is very stable.

Therefore, in the coming time, Vietnam can promote exports of agricultural products, aquatic products, wood and wood products, machinery, equipment, tools and spare parts, for which Kuwait currently has high demand./.