As you all know, after the COVID 19 pandemic, the global market is having a “pivot”, today’s products not only need high quality and prestige, but also cost and reasonable prices , massive wave of layoffs in the US for tech companies , tightening spending in many households , inflation driving prices up while incomes fall , driving many businesses in the US and Europe stand in the very difficult when continuing to expand the market .
Thanks to e-commerce, today’s products are easily accessible directly to consumers without having to go through too many import and distribution processes, therefore, when competing products are available in the market. The market also indirectly increases pressure for local manufacturers to reduce selling prices or provide more preferential sales policies for distributors to continue maintaining product coverage on distribution channels.
Choose a sales strategy for 2023:
Why we mention the Asian market in 2023 , perhaps it is a matter of culture , Asians have a tradition of hoarding wealth , due to many ups and downs in history , that’s why , they have shown the ability to adapt and overcome the pandemic quickly,
Immediately after national borders were gradually opened from May, 2022, the Asian region showed a strong attraction of FDI investments as well as a rapid shift in goods circulation to attracting foreign investment and travel industry ,
Coupled with the explosion of e-commerce, cashless payments, fast logistics, this market is emerging as a new need to be met.
So what should European and American businesses do to meet this demand?
Policy of tax :
Most countries apply tax-free policies for locally certified C/O exported products, but in addition, there are some special policies such as EVFTA, AEC (Asean economic community) to help countries in this Community increase competition when exporting , for example products originating from Vietnam , Singapore .. can be imported directly to Europe without imposing import tax , but only including Europe’s value tax indirectly made the price competitiveness , or exempt import tax when trading in Asean ,
besides , some countries own high “national brand value” such as ” made in Japan ” and Consumers feel secure about product quality.
How to enter the Asian market:
The policy of Asian countries (except China) is currently quite open to foreign businesses registration , you can set up a business in Singapore, Vietnam – to join the ASEAN trade bloc (estimated fifth largest Economy with a combined population of over 660 million, ASEAN’s aggregate economic size was about US$3 trillion in 2020. If considered as a single entity, ASEAN is the third largest economy in Asia, and the fifth largest in the world after the US, China, Japan and Germany.)
Or set up a company in Hong Kong towards the world’s 2nd largest economy (China), we also support you to set up a business in Japan for global export or Malaysia (towards the Muslim community). Global Muslim population in 2016 is around 1.8 billion i.e. 23% of the global population and will increase to 27% by 2050 with estimated consumption on halal products of over USD15 trillion. and only 10% of supply-chain is “permissible” to Halal Market. )
Please see more information at our website:https://www.howtodobusinessinasia.com/
and contact us directly by email: email@example.com
for a free consultation on setting up a business in Asia and launching your business in this market early in 2023.