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Wednesday, July 24, 2024

Diversifying markets amid economic downturn

By Quoc Hung

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In the midst of challenging economic conditions, handicraft and woodworking businesses are proactively participating in international trade fairs and exploring new markets to sustain production activities and retain their workforce Finding new customers Gia Nhien Company Limited, after grappling with a lack of orders for three years, has successfully secured orders from two new customers in the Netherlands and Poland. Tran Huu Hoai, the company’s director, said that they invested significantly in advertising on cross-border e-commerce platforms and actively participated in international trade fairs. Additionally, the company offered substantial discounts, at times up to 30%, and even accepted unprofitable deals. Their efforts have finally paid off, leading to a significant increase in foreign customer interest in their products. Dang Quoc Hung, general director of the Alliance Handicraft Wooden Fine Art Corporation, noted that customer demand in traditional markets like the U.S. and the EU has remained sluggish due to prolonged inflation and economic recession. Consequently, Vietnamese enterprises must broaden their presence in numerous other foreign markets through advertising and active participation in international trade fairs to seek new customers and secure substantial orders. During the Vietnam ASEAN International Furniture and Home Accessories Fair (VIFA ASEAN 2023) in HCMC, representatives from […]
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