National trade promotion program creates spillover effect

09:03 | 14/02/2020 Trade

(VEN) - The expansion of the national trade promotion program has significantly contributed to boosting exports and bringing Vietnam’s import and export turnover to over US$500 billion in 2019.

national trade promotion program creates spillover effect

Improved capacity, awareness

In 2019, the Ministry of Industry and Trade approved and implemented 205 projects in the national trade promotion program with a total budget of VND125 billion. As of November 2019, the national trade promotion program had provided support for more than 5,000 participating companies in both domestic and foreign markets, attracting over one million trade visitors and implementing more than 100,000 transactions.

At a conference to review the national trade promotion program in 2019, Vu Ba Phu, director of the Vietnam Trade Promotion Agency, said trade promotion agencies had significantly improved their capacity and awareness of investment in trade promotion activities.

Government data show the export revenues of 30 Vietnamese commodities exceeded US$1 billion each in the first 11 months of 2019, accounting for 91.6 percent of total export turnover. Of these, five commodities earned more than US$10 billion each in export turnover. Vietnamese products have been exported to over 200 countries and territories, including many demanding markets such as the US, Japan, the EU and the Republic of Korea.

In particular, Vietnam’s exports to markets with free trade agreements to which Vietnam is a signatory have increased, meaning that the country has made good use of incentives provided by such agreements.

Notably, the Ministry of Industry and Trade linked up with Amazon to support Vietnamese exports through this e-commerce website.

More diversified promotion activities

Deputy Minister of Industry and Trade Do Thang Hai said import and export activities were considered a bright spot of Vietnam’s economy in 2019. He attributed the positive results to the efforts of businesses with the contribution of the national trade promotion program. However, promotion activities must be diversified to attract more participants, Hai added.

In 2020, the Ministry of Industry and Trade will continue to cooperate with other ministries, associations and localities to boost the quality and efficiency of trade promotion activities in order to maintain and expand Vietnam’s key export markets. In addition, the program will focus on building Vietnamese brands for strategic products, while helping businesses join high added value global supply chains.

The Ministry of Industry and Trade will renew the implementation of traditional trade promotion activities, introduce Vietnamese goods through e-commerce floors, and enhance the dissemination of information through domestic and foreign channels.

The Vietnam Trade Promotion Agency and the Vietnam Association of Small and Medium Enterprises signed an agreement to strengthen information sharing and implement trade promotion activities to support small and medium-sized enterprises.

Nguyen Huong