In the first six months of 2023, the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT) carried out various activities to expand the market for Vietnamese goods and resolve export difficulties.

Good effects

According to a Vietrade report, the agency has organized fairs, exhibitions and business connection activities to connect Vietnamese suppliers and exporters with foreign importers. At the same time, the agency has assisted domestic companies in seeking material supply sources and diversifying export markets to enable them to take advantage of free trade agreements (FTAs) and deepen their involvement in global supply chains.

Vietrade also coordinates with localities nationwide to organize programs aimed at connecting suppliers in the northern, central and southern regions with exporters and trade promotion organizations. These programs enabled local businesses, producers and distributors to seek market information, promote production and develop the distribution network with the participation of major supermarket chains such as Central Retail, Aeon and Big C to better serve consumer demand.

Vietrade has paid great attention to building and protecting brands and geographical indications for potential export products, including food, while promoting the application of information technology, digital transformation and international cooperation in trade promotion.

Major solutions

The MoIT forecast that export activities will not thrive from now to year’s end and therefore, seeking markets to increase exports is a very important task.

Vietrade has identified major tasks and solutions to enhance the effectiveness of trade promotion activities. The agency will provide consultancy for the MoIT’s leaders to submit to the Government adjustments and supplements to Decree 81/2018/ND-CP guiding the implementation of the Commercial Law, and to Decree 28/2018/ND-CP guiding the implementation of the Law on Foreign Trade Management.

The agency will intensify trade promotion with major markets, especially those having FTAs with Vietnam, while helping businesses promote exports to new, potential markets.

In addition, Vietrade will continue its efforts to popularize the National Brand Program and products winning the Vietnam National Brand through diplomatic and economic events both at home and abroad.

Furthermore, the agency will tightly monitor the progress of ongoing projects under the National Trade Promotion Program and the National Brand Program and report to the MoIT’s leaders for necessary instructions, and propose new projects to be developed under these programs.

Projects to be developed under the 2024 National Trade Promotion Program will be assessed to be approved in late 2023 in order to have time for careful preparation for effective implementation. Information technology application and digital transformation continue to be accelerated, especially in providing localities, associations and businesses with information and consultancy on export markets.

Source: Vietnam Economic News