Trade promotion scheme lacks funding
Since state funds for the national trade promotion scheme are limited, the relevant ministries, industry associations and enterprises have been urged to focus on improving the scheme's efficiency.
The government has approved a total outlay of VND70 billion (US$3.4 million) for the national trade promotion scheme, which is about 32.5% of the estimated requirement. The figure is also lower than last year's VND93.73 billion (US$4.3 million).
The Deputy Director of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT), Ta Hoang Linh, said the target for export growth has been set at 10%, or US$145 billion, for this year. That will be a challenging task given the limited state funds.
In order to achieve the export target, the ministry noted exports must be calibrated to suit global consumption trends, while exploiting Vietnam's advantages.
Director of the Trade Promotion Agency Do Thang Hai said the ministry has ratified nine promotional projects that can be implemented early this year.
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The first phase of the national trade promotion scheme will receive more than VND30 billion (US$1.4 million).
"The early approval of the national trade promotion scheme will help enterprises plan their own promotional campaigns more effectively, and encourage more enterprises to join the scheme and seek new business opportunities and expand markets," Hai stressed.
In 2013, the trade promotion scheme was focused on traditional products, such as fisheries, agricultural products, wood, garments, and footwear, that contributed to overseas market expansion and local market development.
The national trade promotion scheme supported the participation of more than 6,800 enterprises last year, with the total value of transactions, contracts and memoranda signed increasing to US$1.4 billion.
In addition, trade fairs held under the scheme attracted 1.8 million visitors last year.