To achieve export targets, experts suggest that trade promotion activities need to be flexible and innovative, combining traditional and modern trade promotion, linked to e-commerce and the digital economy. Emphasis should be placed on enhancing the competitiveness and brand value of Vietnamese products and services in the global market. Crucially, Vietnamese trade offices abroad must proactively connect with local authorities to ensure product alignment with current market trends.
According to the Import-Export Department (Ministry of Industry and Trade), Vietnam’s import-export activities in the first six months of 2024 continued to yield positive results. Preliminary data from the Ministry of Industry and Trade and the General Statistics Office estimates the total import-export turnover of goods at US$369.6 billion, a 16% increase compared to the same period last year, with exports reaching US$189.5 billion, up by 14.2%.
Several factors have contributed to the recovery of import-export activities, including the government’s proactive integration into the global economy and diversification of export and import markets through the negotiation and signing of new-generation free trade agreements. The government has also implemented comprehensive support solutions for the economy.
Vietnam’s exports in the first six months of 2024 are estimated at US$189.5 billion, up by 14.2% compared to the same period in 2023
As the ministry in charge of managing and operating import-export activities, the Ministry of Industry and Trade has promptly identified challenges and risks in export markets to advise and propose solutions for market development. Deputy Minister of Industry and Trade Nguyen Hoang Long emphasized, “In the coming time, the global situation will remain challenging and unpredictable, while the tasks assigned by the Government to the Ministry are heavy. How can we successfully accomplish the Government’s tasks and achieve targets in terms of turnover and economic and trade cooperation? Our trade offices abroad act as antennas in their respective countries, providing practical and accurate recommendations for the Ministry of Industry and Trade to advise the Government and leaders accordingly.”
In the first six months of 2024, under the close direction of the Government, trade promotion activities have brought practical values to the business community nationwide. These activities have facilitated market connections for enterprises, both domestically and internationally, effectively supporting businesses in market exploration, production linkage, and product consumption enhancement.
Trade fairs and exhibitions in foreign markets have effectively promoted and introduced Vietnamese products, especially regional specialties, to international markets. However, there is still much to be done in the remaining months of the year.
Mr. Vu Ba Phu, Director of the Trade Promotion Agency, Ministry of Industry and Trade, said, “In the last six months of the year, the Trade Promotion Agency will continue to provide market information and promote trade through various channels, including essential export promotion for relevant entities when needed or on specific topics.
Second, we request that the Vietnamese trade offices abroad coordinate with domestic units, industry associations, organizations, and enterprises to enhance communication and promotion of Vietnamese products’ image, competitiveness, and brand in foreign markets. To increase product value, we need to build and promote our brands overseas.”
Rice export is expected to continue increasing this year
According to statistics from the General Department of Vietnam Customs, as of May 2024, the total import-export turnover between Vietnam and Germany reached nearly US$4.6 billion, up by 0.7%. Vietnam’s exports to Germany reached US$3.16 billion, up by 1.9%, while imports from Germany were approximately US$1.43 billion, down by 1.8%. Several export items recorded an increase in value, including seafood (over US$77.4 million), fruits and vegetables (US$26.25 million), cashew nuts (over US$48.66 million), and coffee (over US$349.62 million)…
Germany is known for its leading trade fairs and exhibitions, attracting over 10 million visitors annually. Vietnam should seize these opportunities to connect, trade, and consume its products.
Ms. Dang Thi Thanh Phuong, Commercial Counselor of Vietnam in Germany, suggested that enterprises need to meet the additional requirements of the import market. “Localities in Vietnam should develop economic cooperation and trade promotion strategies with strong German states and cities that complement their strengths to expand trade, attract industrial cooperation, and investment. In the short term, they can consider establishing sister relationships or signing agreements or establishing cooperation mechanisms to create a specific and long-term framework. Associations and enterprises need to improve their access to German distribution channels and Asian product distribution channels in Germany,” said Ms. Dang Thi Thanh Phuong.
Some trade offices shared that, in addition to organizing many events to promote the potential for industry and investment in cities and localities in the host country, they also introduced Vietnam’s production capacity and industrialization level and promoted the database of Vietnamese industrial enterprises, as well as specific enterprises, on the English-language website to reach Vietnamese enterprises.
The global economy in 2024 still faces many risks and uncertainties. The fight against inflation remains unpredictable, especially regarding the monetary policies of major countries. The Ministry of Industry and Trade continues to innovate in trade promotion activities, focusing on promoting the digital transformation program in trade promotion and business connection, especially for agro-forestry-aquatic products, through the network of Vietnamese trade offices in countries and territories. These offices introduce and promote products and seek opportunities to expand markets.
In addition, the Ministry of Industry and Trade continues to coordinate in orienting localities, industry associations, and enterprises to propose and develop plans for trade promotion activities to develop the domestic market and import and export, as well as digital transformation in trade promotion, in line with the strategies and schemes approved by the Prime Minister.
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