Diversifying export markets

According to Vietrade, in 2024, the industry and trade sector continued to overcome challenges and achieved impressive results. The total import-export value reached a new record of US$786 billion, a 15.4 percent increase compared to 2023. The export value exceeded US$400 billion, up 14.4 percent, while imports grew by 16.4 percent, maintaining a high trade surplus of approximately US$25 billion. Trade promotion activities significantly contributed to these positive outcomes.

In 2024, trade promotion activities effectively supported businesses in expanding export markets, especially to major markets, such as the US, China, the EU, Japan, the Republic of Korea (RoK), ASEAN, and countries having free trade agreements (FTAs) with Vietnam.

Trade promotion activities carried out by Vietrade included organizing trade fairs, sending business delegations abroad, and hosting programs and conferences to connect Vietnamese businesses with foreign enterprises. Vietnamese trade promotion offices and centers introducing Vietnamese products in the US and China actively supported localities, associations, and businesses in connecting with foreign partners and participating in trade promotion programs. At the same time, they supported international trade promotion organizations and foreign businesses visiting and working in Vietnam.

Through the network of Vietnamese trade offices abroad, monthly meetings were held in a hybrid format, both in-person and online, with the participation of 63 trade offices, their branches, three overseas Vietnamese trade promotion offices, provincial departments of industry and trade, local trade promotion centers, and industry associations. This initiative has helped domestic businesses enhance networking and promote their brands, contributing to fostering Vietnam’s international economic cooperation.

Chinese consumers visit the first Vietnam Fruit Festival in Beijing, China on September 29, 2024

Accelerating exports

According to Vu Ba Phu, Director General of Vietrade, to ensure that exports continue to be a key driver of economic growth, the agency has outlined major tasks for 2025.

Accordingly, the agency will continue to implement trade promotion activities aimed at diversifying export markets and effectively leveraging FTAs to boost exports to major markets, while at the same time exploring new and potential markets. Trade promotion activities will focus on key market groups and prioritized product groups for each period, in alignment with global economic trends, and capitalizing on international market opportunities.

The agency will continue to help businesses enhance their competitiveness by providing them with updated information about markets, changes in trade policies, standards, regulations, and consumer tastes in importing countries. The agency will also provide businesses with training on trade promotion skills and the application of information technology in trade promotion activities.

To develop Vietnamese brands, the agency will intensify the promotion and introduction of products with national brands in foreign markets. It will also strengthen support for the protection of trademarks and geographical indications of Vietnamese products, such as rice, coffee, and seafood in global markets.