Vietnam to increase trade promotion, market development in 2024

The conference which attracted the participation of representatives of Vietnamese trade agencies abroad heard a report reviewing trade promotion last year and outlining orientations for this year.

Presenting the report, Vu Ba Phu, director of the Trade Promotion Agency under the Ministry of Industry and Trade, noted that the national trade promotion programme was carried out in many countries and territories worldwide last year. More than 10,000 businesses took part in trade promotion activities, with export contracts and orders valued at over US$125 million executed at various events.

In 2024, import-export activities are forecast to encounter many challenges, requiring trade promotion activities to be further enhanced, contributing to achieving the 6% growth target as planned, said Phu.

He said trade promotion activities this year will be centred around expanding new export markets and making full use of opportunities from free trade agreements (FTAs).

A primary focus will be on organizing international fairs and exhibitions in Vietnam and taking part in prestigious international fairs and business forums, said Phu.

Vietnamese Trade Counselor in the US Do Ngoc Hung cited statistics from the US Department of Commerce showing that the US was Vietnam’s the leading export market in the January-November 2023 period, accounting for nearly 30% of the country’s total export turnover. Vietnam’s trade surplus with the US ranked third after China and Mexico at US$96 billion. Though the export turnover fell 12% to US$104.8 billion, 2023 was the second consecutive year that Vietnamese exports to the lucrative market had exceeded the US$100 billion mark.

In 2024, he said the Vietnamese Trade Office in the US would assist businesses with market approaches, sustainable production and consumption factors, technology application, and use of renewable energy to meet increasingly strict standards and regulations of the importer.