Trade promotion helps export growth
Trade promotion helps export growth
Trade promotion has significantly contributed to Vietnam’s export achievements. Vietnam Economic News’ Viet Nga spoke with Vu Ba Phu, Head of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE) about the agency’s work.
Vu Ba Phu, Head of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE) |
Could you tell us about VIETRADE’s trade promotion work in 2022?
VIETRADE has helped enterprises identify market trends, learn about new regulations and policies in foreign markets, and promote Vietnamese brands and products through trade fairs and exhibitions, including Anuga in Germany, Sial in Paris (France), and BioFach (Germany), among others.
The agency worked with Vietnamese trade offices in different countries to open Vietnamese goods showrooms, and frequently held supply-demand connection meetings between Vietnamese exporters and foreign importers.
Trade promotion has helped many Vietnamese businesses develop professional branding and improve their image. They have also helped Vietnamese enterprises recover and develop production, promote exports and improve the competitiveness of their products, increase sales, and connect local suppliers with distributors, processors and exporters.
Could you tell us about VIETRADE’s monthly meetings with overseas trade offices?
Since July 2022, VIETRADE has held monthly online meetings with Vietnamese trade offices in foreign countries to update them on the export and import needs of localities and sectors, and provide information about the latest policies and market opportunities.
The meetings connect trade promotion agencies and other organizations and enterprises in Vietnam with Vietnamese trade offices and business associations overseas to implement the 13th-tenure Central Party Committee’s target of boosting trade promotion, expanding and diversifying export markets, products and supply chains, and reaching a sustainable trade surplus.
Could you point to the strengths and weaknesses of Vietnamese enterprises in product and export promotion?
Vietnamese enterprises have become increasingly large-scale and competitive. They are capable of international economic integration and participating in global supply chains, relatively agile in digitalization, and take the initiative in information technology application.
However, many businesses remain passive in market, policy and partner information search and coordination with trade promotion organizations to prepare and implement trade promotion plans, especially for FTA markets. Many enterprises lack human resources with foreign language competence and skills of trade promotion negotiations and knowledge of modern consumption trends and applying information technology for trade (including export) promotion.
Many businesses have not paid due attention to product development and quality and competitiveness improvement to meet import markets’ regulations on quality, food hygiene and safety, traceability and non-tariff technical barriers.
Introducing Vietnamese goods in Thailand |
What should businesses do to increase exports and expand markets?
In order to strengthen exports, expand markets and keep pace with continuous changes in world consumption trends, businesses need to pay attention to intellectual property right registration and protection for their products in foreign markets, implement regular product research and development, connect with foreign distributors, attract foreign investment in the production of goods for export to overseas distribution systems, improve production technology and equipment, and diversify products and product designs to meet not only the tastes of foreign customers but also technical standards and regulations of import markets. One of the most important things is medium and long-term investment in branding development abroad to add value to both enterprises and their products.
