The Vice Minister of the Ministry of Industry and Trade, Nguyen Sinh Nhat Tan, emphasized the importance of trade promotion in updating markets and export development during the Conference on Trade Promotion with Vietnam Trade Offices abroad in January 2024, held on January 31. He said, “Trade promotion is extremely important for updating markets and export development” in the context of the world economy facing difficulties and declining global demand.
FACING MANY RISKS
Looking back at the results of 2023, Vice Minister Nguyen Sinh Nhat Tan stated that despite not achieving a growth rate over the previous year, Vietnam’s total import-export turnover has significantly narrowed in the face of global economic difficulties and declining global demand.
The country’s total import-export turnover in 2023 was estimated at $683 billion, down 6.6% compared to the previous year, with a 4.4% decrease in exports and an 8.9% decrease in imports. However, Vietnam continues to achieve a trade surplus for the 8th consecutive year, with a record surplus of $28 billion, 2.3 times higher than in 2022.
This achievement is the result of the efforts of the entire industry and trade sector, in which the role of Vietnam Trade Offices abroad is particularly important. The Trade Offices have performed well in market research and information provision, export consulting, and have actively supported trade promotion and brand promotion in their respective markets. As a result, the export market has developed and Vietnamese businesses have gradually participated more in global supply chains.
For 2024, Vice Minister Nguyen Sinh Nhat Tan also mentioned that based on the forecasts of experts and international economic organizations, the world and regional situation will continue to undergo complex and unpredictable changes, with uneven economic growth, trade, and investment prospects and increased risks. Therefore, trade promotion is extremely important in updating markets and export development in this context.
Similarly, Vu Ba Phu, Director General of the Trade Promotion Agency (Ministry of Industry and Trade), also stated that in 2024, import and export activities will still face many risks and uncertainties. Protectionism is increasing in many countries, with trade barriers being erected and domestic production being promoted.
In addition to factors such as price, product quality, and delivery time, greenness and sustainable development are competitive criteria that major markets such as the US, EU, and Japan require from suppliers.
Therefore, in order to survive, Vietnamese export businesses must be proactive in keeping up with market information, understanding the market, and trade promotion is one of the most effective ways to support businesses in directly penetrating the market.
INTERNATIONAL SCALE TRADE PROMOTION
To support businesses and enhance trade promotion activities in 2024, Mr. Vu Ba Phu mentioned specific orientations for the activities of the Ministry of Industry and Trade.
Firstly: Continuing to innovate and intensify the diversification and flexibility of trade promotion activities, expanding new export markets, focusing on effectively exploiting and applying free trade agreements. Digital transformation must be associated with green transformation in trade promotion to promote production and sustainable foreign trade development.
Secondly: Implementing large-scale trade promotion activities at the national and international levels, corresponding to Vietnam’s position and image in the international market, especially in key export sectors and major export markets.
Thirdly: Focusing on implementing trade promotion activities and promoting national branding in line with foreign affairs activities of the Party, State leaders, and the Ministry of Industry and Trade in the country and abroad.
Fourthly: Continuing to leverage resources and support from international organizations and partners to strengthen the implementation of technical assistance programs, enhance trade promotion capabilities for industry associations and the business community.
With these orientations, Mr. Phu suggested that ministries, localities, associations, and businesses coordinate in implementing and disseminating information to businesses about trade promotion activities organized by the Ministry of Industry and Trade.
At the same time, he proposed that trade offices promote major trade promotion events in the country, invite foreign partners to attend and transact at trade promotion events organized by the Ministry of Industry and Trade and localities, such as the Vietnam International Trade Fair for Garment, Textile, and Textile Technology (VIATT 2024); The 33rd Vietnam Expo 2024; Vietnam Food Expo 2024; Exhibition of OCOP exported products; Industrial Products International Supply Chain Fair 2024…