Trade promotion focuses on market development

Digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Innovate and diversify trade promotion activities

At the first trade promotion conference of 2024 with the theme "Promoting Trade Promotion to develop the market in 2024" recently, Mr. Vu Ba Phu, Director of the Trade Promotion Department (Ministry of 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 trade promotion activities; The value of direct export contracts and orders at events reached over 125 million USD.

By 2024, 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 information and understand the market, and 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 by 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, specifically connect so localities can have direction to organize trade promotion activities in general and export promotion in particular. 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; break through in new markets such as Latin America, Halal market, etc. Focus on promoting trade connections between City enterprises and foreign enterprises, FDI enterprises and connecting with cross-border e-commerce floors. At the same time, support participation in major specialized fairs to support key product groups and product groups with reduced export turnover in the past year.

​Digital transformation is associated with green transformation

Information 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 were held for the first time. Simultaneously, the Ministry of Industry and Trade will promote activities connecting local suppliers with export businesses and promote Vietnam trade promotion events abroad, etc.

Information 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 with iron and steel products and fertilizers; due responsibility against deforestation; may promulgate ecological regulations in the textile and garment industry, etc. 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 deal plans to organize a conference of the Vietnamese business community in the EU at the end of June 2024. Localities and businesses that wish to expand their market in the EU plan to 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 providing warnings and timely responses. Promoting product diversification to reduce dependence, with a methodical and appropriate approach and penetration, 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. At the same time, support businesses in connecting partners and verifying legal status to avoid risks in commercial transactions for enterprises, etc.