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The domestic market of nearly 100 million people is large enough for businesses to overcome difficulties and challenges during the COVID-19 pandemic.
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Since products are free of antibiotics and impurities, the prices are higher than others sold in the domestic market.
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The Vietnamese market with a population of nearly 100 million is attracting both foreign and local food suppliers, with many local exporters turning to the domestic market to overcome this difficult COVID-19 period.
According to Vietnam’s Ministry of Industry and Trade (MoIT), with the pandemic affecting exports and tourism, the domestic market continues to be a bright spot for the economy.
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Le Ba Minh, director of the Pacific Foods JSC Company, a fish sauce exporter to the US market, said with more than 10 years of conquering the US market. Its fish sauce products also is the best-selling fish sauce on Amazon e-commerce platform after only a year launched the fish sauce products on this floor.
In June, the company started selling in the domestic market through e-commerce platform Shopee.
“The fish sauces for the domestic market have the same quality as exports. We prepared for two years to develop our domestic market.”
The Minh Phu Seafood Group has been known as the ‘Vietnamese shrimp king,’ but its products could never be found in the domestic market because they were exclusively meant for exports.
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At many trade events held in the country Minh Phu used to have a booth, but always targeted at foreign clients. However, in recent months, Vietnamese consumers have been surprised to see advertisements for its products appear on social media.
The company management explained that since its products are free of antibiotics and impurities, their prices are higher than others sold in the domestic market.
Analysts explained that Vietnamese consumers used to be price-conscious, but living standards are now increasing due to rapid economic growth and food safety has become a factor, persuading exports-only firms to look at the domestic market, especially with COVID-19 hitting exports.
The domestic market of nearly 100 million people is large enough for businesses to overcome difficulties and challenges during the COVID-19 pandemic, according to the MoIT.
It has launched programs to stimulate consumption and support businesses.
With support from localities, businesses and business groups and, especially, consumers, they are stimulating consumption and retail sales in the country, according to Vietnam+
