Deputy Minister of Industry and Trade Nguyen Hoang Long delivers the opening speech at the Conference (Photo: Industry and Trade Magazine)
Speaking at the conference, Deputy Minister of Industry and Trade Nguyen Hoang Long remarked that this trade promotion meeting is of great importance in reviewing and summarizing the situation and lessons learned from export activities in the first six months of 2024.
Reporting at the conference, Mr. Tran Thanh Hai – Deputy Director of the Import-Export Department (Ministry of Industry and Trade) – stated that import-export activities in the first six months of 2024 continued to record positive results. According to estimated figures from the inter-ministerial committee, the total import-export turnover of goods is estimated at 369.6 billion USD, an increase of 16% compared to the same period last year, of which exports are estimated at 189.5 billion USD, an increase of 14.2%; and imports are estimated at 180.2 billion USD, an increase of 18.1%.
According to Mr. Tran Thanh Hai, several factors have been and are driving the recovery of import and export activities, such as: the results of the policy of international economic integration, diversification of Vietnam's export and import markets through negotiations and signing of new generation free trade agreements...
In addition, the Government has taken strong action with many comprehensive support solutions for the economy. As the leading agency in managing and directing import and export activities, the Ministry of Industry and Trade has promptly identified difficulties and risks from export markets to advise and propose solutions for developing export markets.
In particular, Vietnam has recently upgraded its relationship with the United States to a Comprehensive Strategic Partnership, promising sustainable development for trade relations between the two countries.
The problem of high inventory levels in markets is gradually being resolved, especially in key export markets that faced difficulties in 2023, such as the EU and the US. For the US, recovering consumer indicators have become an important supporting factor for economic growth.
“The global economy in 2024 still faces many unpredictable risks. The fight against inflation remains fraught with uncertainties, especially regarding the monetary policies of major countries. The current issue of excess capacity in China will also increase competitive pressure in the market. As consumer demand declines, China's surplus goods at low prices may be exported to other countries, ” Mr. Tran Thanh Hai commented, adding that considering the favorable and challenging factors, as well as the positive growth results of import and export turnover in the first months of 2024, the Ministry of Industry and Trade assesses that 2024 offers more opportunities for the recovery of Vietnam's goods exports.
Regarding future export activities, the head of the Import-Export Department emphasized that the Ministry of Industry and Trade will continue to innovate trade promotion activities, focusing on maximizing the digital transformation program in trade promotion activities and connecting Vietnamese businesses and their products (especially agricultural and aquatic products) with the Vietnamese Trade Offices in various countries and territories, in order to introduce and promote products and seek opportunities to expand markets.
Furthermore, units under the Ministry of Industry and Trade need to review key products and markets that should be prioritized for trade promotion in the short, medium, and long term; and at the same time, closely coordinate to jointly implement a series of specialized activities from multiple units within the framework of a trade promotion program, in order to improve efficiency and save resources in the context of limited state budget funding.
Furthermore, coordination is needed to guide localities, industry associations, and businesses in proposing and developing plans for trade promotion activities to develop domestic and export/import markets, and to promote digital transformation in trade, in accordance with the strategies and projects approved by the Prime Minister.
The conference was held a hybrid format, combining online and in-person participation.
Evaluating the results of trade promotion activities in the first six months of the year, Mr. Vu Ba Phu, Director of the Trade Promotion Department (Ministry of Industry and Trade), emphasized that, under the close attention and guidance of the Government leaders, trade promotion work has brought many practical values to the business community nationwide. Trade promotion activities have contributed to connecting businesses' product consumption with domestic and international markets, effectively supporting businesses in exploring and finding markets, strengthening production linkages, and boosting product consumption.
Specifically, trade promotion activities have focused on strengthening trade promotion by leveraging Free Trade Agreements (FTAs) to diversify markets and supply chains and boost exports; promoting trade and developing import and export activities in economic regions; promoting investment to attract foreign investors into the processing and manufacturing sectors to improve the quality of domestically produced products and meet world market standards; and coordinating with the system of Vietnamese trade offices abroad to advise and provide market information to localities and businesses.
Mr. Vu Ba Phu stated that in the first six months of 2024, six trade promotion conferences with the system of Vietnamese Trade Offices abroad were conducted, focusing on general or in-depth topics according to market groups and export product categories. Trade Offices, branches of Trade Offices, and Trade Promotion Offices in Vietnam provided nearly 180 detailed reports on updated local information, presented over 25 discussion papers assessing favorable conditions, opportunities, challenges, and risks for Vietnamese businesses' import and export activities, updated information on regulations, supply situations, market fluctuations, and export orientations, and proposed many practical and useful measures to improve the efficiency of Vietnam's trade and export activities.
"To date, the proactive and positive participation of localities, industry associations, and numerous businesses has helped the Conference become an effective bridge for information exchange, strengthening coordination between localities, industry associations representing the domestic business community, and the system of Vietnamese Trade Offices abroad. This has helped to promptly resolve difficulties and obstacles in import and export activities, maximizing new opportunities from markets, promoting sustainable export development, and efficient import, " Mr. Vu Ba Phu commented.
In the context of many of Vietnam's export markets continuing to increase new requirements for international trade, establishing more stringent market barriers, increasing trade protectionism, green transformation, focusing on health-related products, organic products, and products with energy transformation and sustainable development elements… The changing global and regional situation brings both advantages and opportunities, difficulties and challenges intertwined, posing many new demands on trade promotion work. Mr. Vu Ba Phu stated that trade promotion activities in the coming time will be flexible and innovative, combining traditional and modern trade promotion, linked with e-commerce and the digital economy; strengthening communication and promotion, enhancing the competitiveness of Vietnamese branded products; and raising awareness among the business community about green transformation and sustainable production, in order to support businesses in improving their competitiveness and adapting to current market trends.
At the conference, representatives from the Departments of Industry and Trade of provinces and cities updated the export promotion situation in the first six months of 2024 and proposed tasks and solutions for trade promotion in the last six months of the year; at the same time, representatives of the Vietnamese Trade Offices in some key markets also exchanged and updated information on policies and recommendations for trade promotion activities in the last six months of 2024.
Concluding the conference, Deputy Minister Nguyen Hoang Long emphasized that Vietnam's import and export activities in the first six months of the year have shown many positive signs. This result is largely due to the significant contributions of Vietnamese trade offices abroad and the proactive efforts of relevant units within the Ministry.
According to Deputy Minister Nguyen Hoang Long, the meetings showed that localities have specific plans to support and accompany businesses in expanding their markets. Businesses are also proactive in trade matters, which is considered crucial in strengthening Vietnam's import and export activities. In the last six months of 2024, focus should be placed on new areas to promote trade. This includes disseminating information to businesses and localities on the most important contents of free trade agreements, especially with key markets. Trade promotion activities must be focused, targeted, and have specific plans. Trade promotion should not only target foreign markets but also coordinate with localities, especially regional and sectoral linkages, to boost these activities. Currently, the Ministry of Industry and Trade is also developing legal documents and policy mechanisms to support businesses and localities in international integration in general and trade promotion in particular.
Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/linh-hoat-doi-moi-cong-tac-xuc-tien-thuong-mai.html
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