Minister of Industry and Trade lays out five goals to boost exports

March 01, 2023 | 16:42
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The Vietnam Trade Office has said that it is prepared to assist Vietnamese businesses in exporting products to international markets, as import and export turnover for the first two months of 2023 fell 13.2 per cent on year to $96.06 billion.

However, according to Minister Dien, the trade office must prioritise five goals in order to enhance the efficacy of trade promotion and increase exports.

The first goal will be to comprehend any policy changes in the host country swiftly, especially regional market policies, and offer suitable responses at both the national and corporate levels.

Second, the office should conduct research, suggest solutions, and increase the quantity and variety of commodities for export. This can be helped by cooperatively procuring raw materials for domestic industries.

Thirdly, it is vital to improve business-to-business ties between local and international companies. It will do this by encouraging domestic firms to participate in areas such as high-tech investment and assisting businesses in expanding their investment partnerships.

The fourth area to focus on will be the creation of a database for each sector that will serve as a learning resource for future generations of Vietnamese investors and businesses seeking international partnerships. According to Minister Dien, Vietnam should encourage industry groups and import-export companies to use briefings as a means of disseminating market knowledge to increase trade promotion. "Such information can assist municipalities, organisations, and enterprises in orienting their production and operations in light of the market's forecasted problems until the end of the year," he said.

Finally, the trade office should establish connections with businesses in various localities to arrange visits by international trade firms to Vietnam to tour high-growth areas for agriculture and manufacturing. Dien proposed that organisations and enterprises maintain continuous and close touch with foreign market situations and foreign Vietnamese transactions to promote and highlight the potential advantages of Vietnamese products. "Businesses may assist in promoting a product and help clients experience it directly at the embassy of the host nation," he said.

According to the Vietnam Trade Promotion Agency (Vietrade), under the Ministry of Industry and Trade, Vietnam's processed goods are currently exported to more than 180 countries and territories, with numerous billion-dollar export categories, such as seafood exports with a $10 billion/year turnover.

Vu Ba Phu, director of Vietrade, speaking at a conference on trade promotion last month, stated, "The world's major import and consumption markets, such as the United States, the European Union, and China, are raising criteria on sustainable practises for products, which include social, environmental, and economic aspects across the entire supply chain".

Minister of Industry and Trade lays out five goals to boost exports

According to Phu, Vietnam's processed goods continue to export primarily raw materials through informal channels, despite the country's high level of competitiveness, and are "under strenuous market rivalry" from nations within ASEAN, Asia, and China, which is the primary customer of Vietnamese businesses.

Specifically, changes in consumer behaviour have had a detrimental impact on Vietnamese exporters, particularly the worldwide trend giving preference to plant-based protein sources as an option over animal-based protein sources, resulting in a rise in demand for such goods.

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