Vietnam Trade Offices Abroad to Strengthen Market Information Sharing
Hanoi, The Gulf Observer: Vietnam’s trade offices abroad have been urged to play a vital role in providing information on market trends and export opportunities to localities, associations, and businesses. Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, emphasized the need for trade offices to offer valuable insights to help review production and business plans, enabling the creation of effective trade promotion strategies.
Addressing the monthly trade promotion conference in January, Deputy Minister Tan highlighted the positive impact of the conferences in overcoming market development challenges. Although the recovery in import-export activities has been gradual, the narrowing rate of export decline is promising. Efforts to leverage international economic integration, diversify import-export markets, and capitalize on free trade agreements (FTAs) in recent years set a foundation for foreign trade development in 2024.
The Trade Promotion Agency, Ministry of Industry and Trade, acknowledged the unpredictable risks faced by import-export activities in 2024. The agency emphasized the rising trend of trade protection measures, leading countries to attract investment domestically and impose trade barriers. Vietnamese export businesses were urged to proactively acquire market information, and trade promotion was identified as a key strategy for market penetration.
Vu Ba Phu, Director of the Trade Promotion Agency, outlined plans for numerous international trade exhibitions in 2024, focusing on key export industries and introducing supply chain exhibitions for industrial products. The ministry aims to collaborate with trade offices abroad to support trade promotion activities, emphasizing innovation, diversification, and a digital transformation in trade promotion for sustainable development.
In 2024, the Trade Promotion Agency will focus on three major directions, including innovating and diversifying trade promotion activities, expanding export markets through effective FTAs, and implementing digital transformation associated with green initiatives for sustainable development in foreign trade activities.
