Developing export markets along with trade promotion

Sweet corn processing line for export, capacity of 4,000 tons/year at Vifoco Company's factory. Photo: TTXVN

Bright export

The above information was given at a trade promotion conference with the Vietnamese trade system abroad organized by the Ministry of Industry and Trade on July 2, in Hanoi.

Deputy Director of the Import-Export Department (Ministry of Industry and Trade) Tran Thanh Hai said that the total import-export turnover of goods in the past 6 months was estimated at USD 369.6 billion, up 16% over the same period last year, of which export is estimated at USD 189.5 billion, up 14.2% compared to; Imports are estimated at USD 180.2 billion, up 18.1%.

In the first 6 months of 2024, exports will grow strongly and evenly in all 3 product groups, including agriculture and fisheries; key exports are industrial goods and mineral fuel products, of which, agricultural and aquatic product exports grew at a high rate, about 19.9%.

According to Mr. Tran Thanh Hai, a number of factors have been promoting the recovery of import and export activities such as: the results of the policy of international economic integration, diversification of the export and import markets of Vietnam through negotiating and signing new generation free trade agreements.

Along with that, the Government has had a strong intervention with many comprehensive support solutions for the economy. Vietnam has also recently upgraded its relationship to a comprehensive strategic partnership with the United States, promising sustainable development for trade relations between the two countries.

Furthermore, the problem of high inventories in markets is gradually being overcome, especially in key export markets that have encountered difficulties in 2023 such as the EU and the United States. For the United States, recovering consumer indicators has become an important support factor for economic growth.

Regarding trade promotion activities to expand export markets, leaders of the Import-Export Department believe that it is necessary to continue to innovate, focusing on promoting the digital transformation program at the highest level in promotion activities. Promote trade and connect businesses and their products, especially agricultural and aquatic products the Vietnam of Trade Office system in countries and territories.

In addition, it is necessary to review key products and key markets that need to be prioritized to carry out trade promotion in the short, medium, and long term. In addition, it is necessary to coordinate in orienting localities, industry associations, and businesses to propose and develop plans to implement trade promotion activities to develop domestic and import-export markets; Digital transformation in trade promotion in accordance with the strategies and projects approved by the Prime Minister.

Mr. Vu Ba Phu, Director of the Trade Promotion Department (Ministry of Industry and Trade) said that trade promotion activities in the coming time will be flexible, innovative, combining traditional and modern trade promotion, associated with e-commerce, digital economy. Strengthen communication and promotion to improve the competitiveness of Vietnamese brand products and goods.

At the same time, the Department also continues to improve trade promotion capacity for businesses, especially trade promotion capacity on digital platforms and e-commerce; propagate and raise awareness in the business community about sustainable production and export, adapting to current market trends.

Many markets have exploitation potential

Information about the market, the representative of the Vietnam Trade Office in Brazil said that Brazil is the world's 5th largest country in area (more than 8.5 million km2), 6th in population (with 215 million people) and is 10th largest economy in the world. The market demand is very high and it is also a relatively easy-going market, not too strict about standards and quality. Brazil is a potential trade partner for Vietnamese exports businesses thanks to its advantages of large population, high consumer demand and developed industrial and agricultural production. Currently, the main export products with great potential for development in the Brazilian market include: textiles, footwear, rubber, electronic products, and seafood.

On the contrary, Brazil is an important trading partner of Vietnam with suppliers of many input materials for domestic production including: corn, cotton, soybeans, raw wood, tobacco raw materials, raw materials, etc. Textile materials, footwear...

To promote trade, the trade representative said that he will increase work with local agencies to promote export channels and actively support businesses to increase exports to Brazil and concurrent countries.

In addition, the Vietnam Trade Office in Brazil also recommends implementing direct high-level delegation exchange activities between leaders of the two countries, strengthening trade promotion and connecting trade between associations and businesses and localities of Vietnam and Brazil.

Promote the launch of FTA negotiations with the MERCOSUR bloc, of which Brazil is the largest member so that Vietnam's export products can enjoy better preferential tax rates, thereby creating a competitive advantage in market penetration.

In particular, it is necessary to research and develop the logistics market with Brazil because this is the largest transit point for goods, both by air and by sea, in South America.

In addition, at the Conference, representatives of the Departments of Industry and Trade of provinces and cities updated the export promotion situation in the first 6 months of 2024 and proposed tasks and solutions for trade promotion in the first 6 months in the end of the year; at the same time, representatives of the Vietnam Trade Office in some key markets also exchanged and updated information on policies and recommendations for trade promotion activities in the last 6 months of 2024.