Monday, June 24,2024 - 19:35 GMT+7  Việt Nam EngLish 

Trade promotion: focus on market development 

 Friday, February 16,2024

AsemconnectVietnam - In 2024, trade promotion activities will continue with the goal of expanding new export markets and exploiting FTAs; the digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Innovation and diversification of trade promotion activities
At the first trade promotion conference of 2024 with the theme of "Expanding the Trade Promotion to develop the market in 2024", Mr. Vu Ba Phu, Director of the Trade Promotion Department (under the Ministry of Industry and Trade) said that in 2023, the National Trade Promotion Program has implemented 80 projects focusing on trade promotion and foreign trade development, thereby supporting more than 10,000 businesses to participate in promotion activities; the value of direct export contracts and orders at events reached over 125 million USD.
In 2024, the import and export activities will still face many risks and are difficult to predict, Mr. Vu Ba Phu said. Besides factors of price, product quality and delivery time, greening and sustainable development are competitive criteria that major markets such as the US, EU, Japan, etc. require from suppliers. If Vietnamese export businesses want to survive, they must proactively grasp the information and understand the market, and the trade promotion activities are one of the most effective ways to support businesses in penetrating the market directly.
In Hanoi, Mr. Nguyen Anh Duong, Director of the Hanoi Center for Investment, Trade and Tourism Promotion, said that in 2024, Hanoi city plans to organize 60 major trade promotion events domestically and abroad, including 8-10 events held abroad, with a total budget of 180 billion VND.
To complete the tasks and plans for trade promotion in 2024, representatives of the Center hope that the Ministry of Industry and Trade, the Department of Trade Promotion, and the Vietnam Trade Office system abroad will further promote their leading role in guiding and connecting localities to organize trade promotion activities in general and export promotion in particular; as well as coordinate the organization of large-scale promotional events with the participation of many localities to increase operational efficiency.
In Ho Chi Minh City, Mr. Tran Phu Lu, Director of the Ho Chi Minh City Trade and Investment Promotion Center, informed that in 2024, the city will identify a number of key tasks in implementing trade promotion work such as: diversify export markets, expand market share in traditional markets, such as the US, EU, Japan, make breakthroughs in new markets such as Latin America, Halal market, etc.; focus on promoting trade connections between the city’s enterprises and foreign enterprises, FDI enterprises and connecting with cross-border e-commerce floors. At the same time, the city will also support the participation of enterprises in major specialized fairs to support key product groups and product groups with reduced export turnover in the past year.
Digital transformation associated with green transformation
Informed about the orientation of trade promotion activities in 2024, Mr. Vu Ba Phu said that trade promotion activities will continue the goal of expanding new export markets, exploiting FTAs, including digital transformation, associated with green transformation in trade promotion to develop sustainable foreign trade.
In 2024 there will be many international trade exhibitions on Vietnam's key export industries; the exhibition of exported OCOP products and the International Supply Chain Fair of industrial products will be held for the first time. At the same time, the Ministry of Industry and Trade will promote activities connecting local suppliers with businesses and promote Vietnam trade promotion events abroad.
Informed about foreign markets, Mr. Tran Ngoc Quan, Vietnam Trade Counselor in Belgium and the EU noted that in 2024, the EU will implement many regulations related to circular economy and sustainable development such as CBAM, for iron and steel products and fertilizers; due responsibility against deforestation; and may promulgate ecological regulations in the textile and garment industry. In particular, in 2024, the EU will promote food safety inspection for food groups, including imported goods and goods produced within the bloc.
Regarding the trade promotion plan, Mr. Tran Ngoc Quan informed that, in addition to promoting the trade promotion program, in 2024 the trade office plans to organize a conference of the Vietnamese business community in the EU at the end of June of 2024. Localities and businesses that wish to expand their market in the EU can participate.
In the US market, Mr. Do Ngoc Hung, Commercial Counselor, Head of the Vietnam Trade Office in the US suggested that management agencies, local businesses and industries need to continue to grasp information about situation, political fluctuations, and US policies affecting trade with Vietnam, thereby provide warnings and timely responses.
They also need to promote product diversification to reduce dependence, with a methodical and appropriate approach and penetration, so that Vietnamese goods can promote competitive advantages and increase presence in these markets. The trade office will support businesses in participating in fairs and export promotion in the United States as well as support businesses in connecting partners and verifying legal status to avoid risks in commercial transactions for customers and enterprises.
Source: VITIC/


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