Trade promotion is considered a “source of ignition” for exports but improvements in both quality and quantity are needed to increase effectiveness.

Deputy Minister of Trade and Industry Do Thang Hai said the ministry’s Department of Trade Promotion worked to boost trade promotion activities last year by holding hundreds of trade exchange programs and conferences with foreign partners in key export markets in various fields, including farm produce, food processing, supporting industry, garments and textiles, footwear, and logistics.

In particular, over 60 online export consultation sessions were held to provide businesses with information relating to international commitments on exports and imports as well as regulations and standards for exporting key Vietnamese products such as rice, tea, dragon fruit, cashew nuts, seafood, and wooden products to markets such as South Korea, China, Japan, Australia, the Americas, Europe, and Africa.

However, trade promotion activities faced many difficulties and limitations, according to Mr. Vu Ba Phu, Director of the Trade Promotion Department. Resources are limited while financial support mechanisms have yet to be adjusted appropriately.

Many trade promotion organizations are not proactive in studying and renewing trade promotion activities or in improving their capacity, he said.

Meanwhile, many businesses are not proactive in seeking information, evaluating partners, or coordinating with trade promotion organizations to conduct trade promotion programs to tap into opportunities in export markets, particularly those with which Vietnam has signed a free trade agreement (FTA), he added.

Many businesses fail to invest in developing products, improving product quality, and promoting competitiveness, he explained.

Deputy Minister Hai said the difficulties are forecast to continue in 2023, with growth slowing, inflation rising, and short-term recession being seen, together with conflict, disease, and natural disasters.

Such a context calls for trade promotion departments and organizations to take measures to improve the efficiency of their trade promotion programs, he said.

In 2023, the Trade Promotion Department is to speed up the development of brands in different products and strengthen the application of information technology and digital transformation in trade promotion activities.

It will also focus on enhancing activities to connect local businesses with export markets.

A representative from the footwear industry said exports in the first half of 2023 will be very difficult, particularly to major markets like the US and the EU, which account for 80 per cent of the sector’s export revenue.

The footwear sector expects that the government and the Ministry of Industry and Trade will continue helping it carry out trade promotion activities with the aim of promoting Vietnam’s footwear industry as a destination for global buyers.

Meanwhile, Mr. Dang Phuc Nguyen from the Vietnam Fruit and Vegetable Association said trade promotion plays an important role in exports, acting like a source of ignition to boost exports. And a big fire requires a big source of ignition.