Market Access and Exports

Market Research

Should your business provide a new product or service to your existing customers? Or should you aim to enter a new market and find new customers? Market research will help you find the answers and make good decisions.

Market Research Questions

1. What unique value does your product/service provide for customers in this new market? You will need to differentiate your product/service from the existing market.
2. What similar product/service is the target market purchasing? Answering this question will help you learn about competitors in the new market.
3. How are the customers in the new market different from your existing customers? Are there cultural differences or economic differences that will change how customers perceive your product, when or where they prefer to buy it, or how they will want to use it? Answering these questions may prevent you from making expensive mistakes.
4. Which specific customer segment will be most likely to adopt your product/service? This question involves learning about your potential customers and their demands. The more targeted you can be in the early stages of market expansion, the more likely you will be to have success and establish a foothold in this new market.

Identify Sales Channels in the New Market

Keep in mind that even when you are successful with one sales channel in one market, that sales channel may fail when you expand into a new market. When expanding into a new market, you may have to try new sales channels as well. It may also take time to build relationships with distributors in the new market, so patience and persistence is important. Once your product has reached a level of proven success, you will be able to access new channels such as third-party distributors, value-added resellers, or large product expos and conferences.

International Markets

Expanding into an international market for the first time is a challenge. You will need to know about tariffs and import-export laws, cultural differences, and differences in consumer preferences. It will be more difficult for you to do direct research, so online information resources related to your target market are essential.

Negotiating Contracts with International Partners

Principles of international business negotiation

• Learn and respect the business culture and the traditions of your international partners;
• Understand the partner organization and the role of each person participating in negotiations;
• Clearly identify negotiation goals, but be flexible on specifics when you can;
• Consistently protect your own interests while maintaining and developing valuable relationships with partners; and
• Don’t approach negotiations as a fight or battle; instead, try to achieve collaboration and win-win solutions.

Signing contracts with international partners

When negotiating with an international partner, make sure contract language is airtight, particularly in the rights and obligations of the parties. Make sure the dispute settlement process is clear and doesn’t create a biased settlement process or legal trap for your business. Make sure that information or provisions to ensure payment are clear and specific. The contract should specify payment amounts and timelines, whether any delay in payment is allowable, and whether interest or fees will apply on delayed payments.

Hiring a lawyer who specializes in international contracts is always a good idea. It may be a large expense for a new company, but the lawyer’s expertise can prevent you from making mistakes that will cost far more money in the future. This is especially important if your international partner is a large corporation, as they have large legal teams for this purpose.

Vietnam Customs Procedures

• Basic customs procedures for imported goods: Quy trình cơ bản thủ tục hải quan hàng hóa nhập khẩu
• Customs procedures for imported goods: Thủ tục hải quan đối với hàng hóa nhập khẩu
• Procedures for recognizing the operation of customs agents: Thủ tục công nhận hoạt động đại lý làm thủ tục hải quan
• The procedure for supplying information for e-customs declaration: Thủ tục bổ sung nội dung cung cấp thông tin tờ khai hải quan điện tử
• Basic customs procedures for exported goods: Quy trình cơ bản thủ tục hải quan hàng hóa xuất khẩu
• Customs clearance for commercial exports (VNACCS system): Thủ tục hải quan đối với hàng hóa xuất khẩu thương mại
• Current exchange rates: Tra cứu tỷ giá

Free Trade Agreements

When you are researching new international markets for your product, it’s a good idea to research the free trade agreements (FTAs) that may apply to your product category. A free trade agreement can create a significant difference in the cost of selling your product to one country versus another. This may make the difference in your success in a new international market.

If your products – or materials for your products – are created or assembled in a third country, free trade agreements with that country may have an impact as well. For example, if you are producing a product in China and selling your product in Australia, you should research the FTA between Vietnam and China, the FTA between Vietnam and Australia, and possibly the FTA between China and Australia.

Signed free trade agreements:

• Comprehensive and Progressive Agreement for Trans-Pacific Partnership
• Association of the Southeast Asian Nations (ASEAN)– ASEAN Economic Community (AEC)
• ASEAN – Ấn Độ
• ASEAN – Australia/New Zealand
• ASEAN – Hàn Quốc
• ASEAN – Nhật Bản
• ASEAN – Trung Quốc
• Việt Nam – Nhật Bản
• Việt Nam – Chile
• Việt Nam – Hàn Quốc
• Việt Nam – Liên minh kinh tế Á Âu

Unsigned free trade agreements:

• Regional Comprehensive Economic Partnership (ASEAN + 6)
• ASEAN – Hong Kong
• Việt Nam – European Union
• Việt Nam – EFTA
• Việt Nam – Israel

Learning More

Vietnam Chamber of Commerce

Enterprises can access Vietnamese information about Vietnam’s main markets through the market profile developed by the Vietnam Chamber of Commerce and Industry. Market profiles are categorized by countries and organizations, and updated once or twice a year. To date, this site has updated information on 74 economies across Asia, Europe, the Americas, Africa and the Middle East, Oceania, and four international organizations in which Vietnam participates – the Asia Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), the World Trade Organization, and the Pacific Economic Cooperation Council.

International Trade Centre

Market Access Map, developed by the International Trade Centre, is an online interactive tool based on a worldwide database of tariff rates, export-import statistics, tariff rate quotas, and market conditions. Using this tool, you can explore information on customs tariffs, trade barriers, and rules of origin you need to comply with to qualify for a preferential tariff rate.

Trade Map, developed by the International Trade Centre, is an online tool to help enterprises learn about strategic markets. It is free to use. Trade Map provides yearly trade data for 220 countries and territories and all 5,300 products of the Harmonized System defined at the two-, four-, or six-digit level. Users can search for international demand, alternative markets, and competitors. Trade Map provides information in the form of tables, graphs, and maps, and allows users to filter data by goods, country, product category, or national category.