Statistics released by the General Department of Vietnam Customs indicates that Vietnam exported footwear products worth over US$103 million to the Chilean market.
Under the terms of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the South American side has committed to the longest tariff elimination roadmap of four years for Vietnamese footwear products.
Along with the CPTPP, the country has also signed the Vietnam - Chile Free Trade Agreement (VCFTA) with Chile, which took effect back in 2014.
Insiders pointed out that although local footwear firms have enjoyed export advantages, they have also faced non-tariff barriers such as requirements on quality standards, food safety and hygiene certifications, and labeling regulations.
As part of efforts to boost exports to Chile, experts recommend that domestic businesses proactively research the market to gain greater insights into the needs and consumption trends, as well as stay updated on Chile's economic - trade - investment policies.
Simultaneously they should actively engage in trade and investment promotion activities; enhance trade connectivity with Chilean partners to seek business co-operation opportunities; while also abiding by quality standards, food safety requirements, and Chile's certificates of origin.
In particular, they are encouraged to promote the application of technology in terms of export management and logistics in order to reduce costs, improve efficiency, and ensure on-time delivery.
Moreover, local firms have also been advised to focus on marketing strategies and brand development through international media channels to increase the presence of Vietnamese products in Chile.
On the other hand, local businesses must fully grasp the VCFTA and CPTPP to take full advantage of opportunities and incentives from the FTAs, as well as mastering export regulations, especially trade barriers and customs procedures in the South American nation to minimise costs and avoid unexpected incidents during the export process.
