THACO INDUSTRIES participated in the 2023 Vietnam - EU Trade Forum, held recently in Ho Chi Minh City, with the theme "Sustainability - The Pathway to create future value chains." The event was a collaborative effort between the Ministry of Industry and Trade (MOIT) and EuroCham Vietnam.

At the forum, THACO INDUSTRIES representatives obtained in-depth information on EU market fluctuations, including supply and demand, consumer preferences, consumption trends, distribution channels, and logistics. They also explored the prospects and market potential for the mechanics and supporting industries in the EU, and learned about new policies, regulations, and standards on import and export. They also exchanged information with European businesses about product supply capabilities to look for opportunities to join deeper in the global value chain.

Mr. Ta Hoang Linh, Director of the MOIT's European-American Market Department, provided a comprehensive overview of the Vietnam-EU trade relationship, including updates on trade activities, an assessment of recent growth figures, and the potential benefits of the EVFTA and the upcoming EVIPA. He highlighted the agreements' potential to attract investment, facilitate technology transfer, support Vietnamese goods in meeting EU standards, and enable deeper and more sustainable participation in the global value chain.

From the European perspective, EuroCham Vietnam Chairman Mr. Gabor Fluit expressed high praise for Vietnam's regional advantages and competitiveness, and voiced optimism about the market's potential. Domestic and international speakers also highlighted the challenges and difficulties posed by the potential risks in the global economic climate and the growing emphasis on green and sustainable trade standards.

Following the forum, THACO INDUSTRIES identified key EU regulations for strategic analysis and implementation, including the Border Carbon Adjustment Mechanism (CBAM), the EU Deforestation Regulation (EUDR), and the Corporate Sustainability Due Diligence Directive (CSDDD). By addressing these regulations, THACO INDUSTRIES aims to build a strong foundation for its European market expansion strategy. Additionally, the company will leverage its connections with EuroCham businesses, commercial counselors, and embassies established at the event to identify potential customers for its mechanical and support industry products in Europe.