High-value export goods: Handicraft dominates in the list of top 10
Vietnam's export economy is thriving, with electronics, aquatic products, and agriculture leading the way. However, the handicraft sector faces challenges to elevate its export value and competitiveness.
The handicraft industry, one of Vietnam's top ten high-value export products, grapples with issues such as meeting international quality and certification standards, limited marketing and branding, stiff competition, and complex regulatory and logistic hurdles.
Rising non-tariff barriers and technical standards necessitate constant innovation for Vietnamese handicraft exporters. To address these challenges, various solutions have been proposed.
Streamlining certification and regulatory processes, enhancing product quality, expanding digital marketing, utilising free trade agreements, and improving supply chain logistics are all crucial steps towards boosting the handicraft sector's competitiveness.
Hài, in a bid to support handicraft exporters, announced plans to participate in major global trade shows like Ambiente (Germany), Maison & Objet (France), and Global Sources (Hong Kong).
A trade forum discussing the handicraft industry took place in Hanoi on Friday, where solutions for sustainable development were proposed. These included planning of raw material areas, origin certification, incentives for young artisans, innovation, and eco-friendly practices.
Greater access to finance and preferential credit for handicraft producers was also urged, as was the deployment of digital tools and platforms to help enterprises expand their online presence and approach global buyers.
The OCOP (One Commune, One Product) Export Products Fair (OCOPEX) is taking place in Hanoi from Friday to Sunday, providing a platform for handicraft exporters to showcase their products.
The handicraft industry faces stringent global requirements on product quality, traceability, labour standards, environment, and social responsibility. To address these, the industry's website will integrate cultural and traditional values with global standards.
The handicraft industry's presence in 163 countries and territories indicates its growing adaptability and integration capacity. However, it faces growing competition from countries with mature handicraft ecosystems such as Thailand, India, Indonesia, and Peru.
Despite these challenges, the success of the handicraft industry in penetrating demanding markets such as the EU, the US, Japan, and South Korea is a testament to its resilience and potential. Local handicrafts, which preserve cultural identity and have a strong foothold in international markets, are a valuable asset to Vietnam's economy.
- To combat the challenges faced by the handicraft industry, leveraging AI and advanced data analytics for updates on market trends, customer preferences, and competitor analysis could prove beneficial.
- The finance industry could play a pivotal role in providing tailored investment products and services for handicraft exporters and producers, supporting their growth and competitiveness.3.The retail sector could collaborate with handicraft exporters, offering exclusive lines at boutique stores, boosting both sectors' lifestyle and fashion-and-beauty appeal.
- In the realm of food-and-drink, market collaborations between handicraft producers and popular fast-food chains could showcase heritage ingredients and items, highlighting a unique cultural narrative and global appeal.5.Sustainable shopping platforms focusing on eco-friendly practices, green initiatives, and responsible sourcing could help handicraft exporters connect with environmentally-conscious consumers worldwide.
- Career development in the handicraft industry could be fostered through skills-training programs and mentorship opportunities, strengthening the workforce and preserving traditional crafting techniques.
- The integration of handicraft production into smart manufacturing technology could lead to increased efficiency, quality control, and reduced waste, making the industry more commercially competitive on an international scale.
- Online educational platforms and self-development resources could empower artisans and entrepreneurs with access to relevant information, tools, and expertise for enhancing their businesses and personal growth.
- To capitalize on sports-betting trends, handicraft producers could create bespoke memorabilia and licensed merchandise for sports and gaming companies, broadening market reach and revenue streams.
- With the rise of home- and- garden obsessions, collaborating with popular home improvement brands on culturally-inspired home decor and accessories could create lucrative revenue streams for handicraft exporters.
- Support for funding ventures and startups in the handicraft industry—particularly those focusing on innovative, value-added products—can help foster a culture of entrepreneurship and drive the industry's sustainable growth.
- To stay updated on the latest in business, finance, technology, and education and self-development, subscribing to relevant newsletters, podcasts, and industry reports can help handicraft exporters remain competitive and agile.
- In the face of ever-evolving markets and industry trends, continuous research and investment in data-and-cloud-computing technology can help handicraft exporters stay ahead and maintain their competitive edge.
