Trade promotions to boost exports in 2024

The Ministry of Industry and Trade (MoIT) plans to renew and diversify trade promotion activities this year with the aim of expanding markets and boosting production, according to Director of the MoIT’s Department of Trade Promotion Vu Ba Phu.

Speaking at a conference in Hanoi on January 30 between the ministry and Vietnamese trade offices abroad on boosting trade promotions in 2024, Mr. Phu said the ministry will also focus on organizing activities on a national and international scale, particularly for fields that are strong in exports.

He asked Vietnamese trade offices abroad to promote trade promotions and invite foreign enterprises to visit trade fairs and meet with Vietnamese partners.

Vietnam posted total trade value of $683 billion in 2023, down 6.6 per cent year-on-year. However, it still posted a trade surplus of $28 billion, a 2.3-fold increase compared to 2022.  

The results were attributed to the efforts of the industry and trade sector and the important role played by Vietnamese trade offices abroad, who actively provided market information and export consultancy and coordinated with localities, associations, and enterprises, according to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan.  

They also worked with foreign authorities to regularly remove trade barriers facing businesses and accelerated trade promotions, contributing to boosting Vietnam’s export products and helping Vietnamese businesses take part in global supply chains.