HCM City (VNS/VNA) -Vietnamese firms need to diversify their overseas markets and improve theirstrengths to capitalise on opportunities after the COVID-19 pandemic ends, arecent online seminar heard in Ho Chi Minh City.

Pham Chi Lan, an economist whowas an advisor to the Government in the past, said firms would need to joinhands with industry business groups to study new market trend and changes inconsumer habits after the pandemic to identify large and niche markets andreshape their business strategies.

“The market will never returnto the old normal that existed before the pandemic but to a new normal. Newnormal will have new abnormalities. Therefore, research should be conducted.

“Businesses that are inassociations should sit together to discuss what they can do and should not waitfor the Government. Based on their requirements, they can propose policies.”

Nguyen Thi Thu Trang, Directorof the Vietnam Chamber of Commerce and Industry’s WTO and Integration Centre,said: “The demand for IT products will increase to meet the new way of working.Demand for green products will be further boosted. After the end of socialdistancing, there will be demand for products and services that were notavailable before.

“This is a change inconsumption trends as people realised what is essential for life when theystayed at home.

“If we want to seize theopportunity, we will have to change too.”

Vietnam’s exports depend on twofactors: global demand and competition with similar products, according toTrang.

Demand is very low, leading toa reduction in the exports of many products in the second quarter.

But Vietnam still has a chanceto promote exports. Firstly, during the epidemic, Vietnam improved itsreputation by controlling the epidemic well and donating face masks and othermedical stuff to support its partner countries.

Secondly, demand for items suchas food, medical supplies and computer equipment in which Vietnamese firms haveexport strengths has increased globally.

“The EU-Vietnam Free TradeAgreement, which will come into effect this year, also offers opportunities forVietnamese firms to export to the EU,” she said.

"The EU has over 400million people and the second largest purchasing power in the world. Othermajor exporting countries to the bloc, such as China and Thailand, do not haveFTAs with it," she pointed out.

She said local firms should paymore attention to their domestic market.

“Vietnamese enterprises shouldpromote exports but meanwhile increase consumption in the domestic market.”

Lan said Vietnam shouldcontinue to develop sectors such as medical products and pharmaceuticals forboth the domestic and export markets. Many countries were worried about anotherwave of the pandemic, and so demand for these products would still be high, sheexplained./.