Strengthening trade promotion, import and export achieved positive results

Trade promotion and export market expansion continue to achieve positive results, helping import and export in the first half of 2024 recover well and grow strongly.

Many trade promotion activities are implemented.

According to the latest report of the Ministry of Industry and Trade, with the recovery of the world market, export orders increased, so business activities import export Goods in the first half of 2024 continued to flourish and achieved positive results.

Accordingly, the total import-export turnover of goods is estimated at 368.53 billion USD, up 15.7% over the same period last year, of which exports increased by 14.5%; imports increased by 17%. The trade balance of goods had a surplus of 11.63 billion USD.

To achieve this result, the work trade promotion In the first half of 2024, the exploitation of traditional markets will be combined with the expansion of new markets (Africa, Eastern Europe, Northern Europe, West Asia).

Mr. Vu Ba Phu - Director of the Trade Promotion Agency - Ministry of Industry and Trade said that in recent times, trade promotion activities have focused on strengthening trade promotion to exploit Free Trade Agreements (FTAs) to diversify markets, supply chains and boost exports; Trade promotion and import-export development of economic zones; Investment promotion to attract foreign investors in the processing and manufacturing sector to improve the quality of domestically produced products, meeting world market standards; Coordinating with the Vietnamese Trade Office system abroad to advise and provide market information to localities and businesses.

In the first 6 months of 2024, 6 trade promotion conferences with the Vietnamese Trade Office system abroad were held on a general or in-depth basis by market group and export industry group. Trade Offices, Trade Office branches, and Trade Promotion Offices in Vietnam provided detailed reports on nearly 180 local information updates, provided more than 25 discussion contents assessing advantages, opportunities, and assessing challenges and risks for import-export activities of Vietnamese enterprises, updated information on regulations, supply situation, market fluctuations, export orientation, and proposed many practical and useful measures to contribute to improving the efficiency of Vietnam's trade and export activities.

Enterprises participating in the 2024 Taipei International Food Fair (Food Taipei 2024) (Photo: Trade Promotion Agency)

In addition to trade promotion conferences, in order to support localities and Vietnamese enterprises to promote trade cooperation activities, connect investment and business with the US market, the Trade Promotion Agency coordinated with the Trade Office, the Embassy of Vietnam in the United States, domestic and foreign trade promotion organizations to organize a trade and investment promotion delegation in the United States from June 21 to 30, 2024. Within the framework of the event, Vietnamese enterprises carried out B2B trade connection activities directly with US enterprises, with an estimated more than 40 business visits.

The Ministry of Industry and Trade also organized enterprises to participate in many trade delegations such as the 2024 Taipei International Food Fair (Food Taipei 2024) from June 26 - 29, 2024, at the Taipei Nangang Exhibition Center, Taiwan (China); The Vietnam Trade Office in Algeria held the opening ceremony of the Vietnamese booth at the 2024 Algiers International Fair in June 2024...

Talking to reporters of the Industry and Trade Newspaper, Dr. Le Quoc Phuong - Former Deputy Director of the Center for Industry and Trade Information (Ministry of Industry and Trade) assessed that in recent times, the Ministry of Industry and Trade has promoted trade promotion activities, expanding the market for goods. Trade promotion activities are increasingly going into depth, focusing more on specific groups of goods or markets to support businesses' goods to reach more customers in more markets.

With such solutions, our country's exports to most markets and major trading partners in the first 6 months of 2024 have recovered well and achieved high double-digit growth. In particular, the United States continues to be the largest export market with an estimated turnover of 54.3 billion USD, accounting for 28.6% of the country's total export turnover and increasing by 22.1% over the same period last year (the same period last year decreased by 22.6%); followed by the Chinese market with an estimated turnover of 27.8 billion USD, up 5.3%; the EU market is estimated at 24.46 billion USD, up 14.1%; South Korea is estimated at 12.2 billion USD, up 10.4%.

In the first 6 months of 2024, the trade balance of goods is estimated to have a trade surplus of 11.63 billion USD (the same period last year had a trade surplus of 13.44 billion USD). Of which, the domestic economic sector had a trade deficit of 12.35 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 23.98 billion USD.

Focus more on niche markets

In the coming time, to increase export turnover, the Ministry of Industry and Trade will closely monitor market developments and policy changes of partners to propose appropriate solutions, diversifying traditional and new export markets.

At the same time, continue to promptly inform industry associations about developments in export markets so that enterprises can promptly adjust their production plans accordingly, and orient their search for orders from markets; maintain regular trade promotion conferences with the Vietnamese Trade Office system abroad. Direct the Vietnamese Trade Office system in market areas to regularly update information on foreign market situations; regulations, standards, and conditions of foreign markets that may affect Vietnam's import and export activities and make recommendations to localities, associations, and import and export enterprises...

Dr. Le Quoc Phuong recommends that in order to achieve the best results in trade promotion, it is necessary to focus on specific products and markets. This includes promoting trade to niche markets with untapped potential such as the Middle East, Africa, etc.

At the same time, combine traditional and modern trade promotion, associated with e-commerce and digital economy to diversify import and export markets, focusing on digital trade promotion activities for key export markets, markets with FTAs with Vietnam and potential markets. Focus on supporting localities and enterprises to strongly shift to official exports associated with brand building, promoting sustainable exports.

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