HANOI, July 28 (Xinhua) -- Commenting on the ongoing China International Consumer Products Expo, a Vietnamese scholar has expressed her confidence in the opportunities created by China's commitment to continuously opening up.
At the expo, now underway in southern China's Hainan island, participants have opportunities to increase sales, brand coverage and influence in the world's largest market with 1.4 billion consumers, Do Thi Thu, lecturer at the Banking Academy of Vietnam, told Xinhua in a recent interview.
International businesses will also have better conditions to introduce and sell products, as well as find partners and customers on Chinese e-commerce platforms such as Taobao, Pinduoduo, JD and Tmall, which are strongly developing, she added.
"The expo will contribute to improving the confidence of global consumer goods businesses and consumers. It will also help enhance foreign firms' confidence in the huge Chinese market," said Do.
According to official data, the expo, being held on July 25-30 in Haikou, capital of south China's Hainan Province, has attracted 1,107 overseas companies, over 1,600 brands from 61 countries and regions, as well as over 1,200 domestic brands. It showcases over 600 new products from more than 200 brands.
Do said some Vietnamese enterprises in agricultural products, seafood, consumer goods and other categories have participated in many fairs and exhibitions in China and been interested in further tapping this huge market over the years.
"Thus, it can be seen that China's dual-circulation strategy is reasonable and beneficial to both China and foreign countries," she said, referring to China's development paradigm in which domestic and overseas markets reinforce each other with the domestic market as the mainstay.
Domestically, China with its growing middle class is an attractive market for reputable foreign brands as Chinese people are deeply interested in high-quality foreign goods such as fashion, jewelry, watches and computers, she said. "I know that Chinese consumers have known Vietnamese brands such as Trung Nguyen coffee, TH milk, Vinamilk milk, Vinamit fruit."
Externally, China has focused on promoting high-quality consumer goods, as people have gradually realized that China does have quality goods besides low prices and diverse designs, she added.
"For example, smartphones and robot vacuums branded Xiaomi have attracted a number of Vietnamese consumers," she said.
Speaking of the Hainan free trade port, due to begin independent customs operations by 2025, Do said large enterprises with long-term visions will learn about the port to tap it in the coming years, as the island will offer many preferential policies on trade, investment and human resources.
A single purchase
