US$4.5 million for national trade promotion

10:20 | 19/03/2018 Trade

The national trade promotion program in 2018 will support key sectors, markets and prioritize the development of brand names of some key products.

Many businesses take opportunities to expand their market through the national trade promotion program - Photo: VNA

The program with an approved budget of 103 billion VND (US$4.5 million) will implement 156 projects. It includes activities to develop markets and export products, such as organisation of exhibitions both inside and outside the country, welcoming foreign importers and providing trade information.

In addition to these, the program will launch trade promotional activities to develop the local market, especially in rural, remote and mountainous areas.

This year’s program has new features compared with the previous years, as it has approved 11 projects in the mid-term to help businesses build their trade promotion plans in the 2018-20 period.

After years of implementation, the national trade promotion program has become an effective channel to develop markets. Last year, some 7,000 businesses enjoyed the programme’s activities. The total contract value and direct transactions at the programme’s events reached more than US$569 million in foreign countries and 324 billion VND in the local market.

Phan Thi Thanh Xuan, general secretary of the Vietnam Leather, Footwear and Handbag Association, said that after attending the national trade promotion program for 14 years, leather shoe companies had not only procured new orders and expanded their markets but also formed an association for themselves.

According to Xuan, the total export turnover of the sector surged from US$3 billion in 2003 to US$18 billion in 2017, partly thanks to the program. It is expected that the turnover this year will reach US$20 billion.

The program is expected to see more success, as the Government promulgated Circular 28/2018/ND-CP, stipulating some solutions to develop foreign trade.

The circular clearly defines contents, budget and support principles for the national trade promotion program. Products and sectors which have the potential for exports will be given support through the program. The Ministry of Industry and Trade will manage the program.

It also stipulates that projects should suit the real demands of the business community, as well as export strategies.

Theo VNA