Digital transformation: A breakthrough step for trade promotion activities

Mr. Vu Ba Phu, Director of the Trade Promotion Agency, emphasized that the primary solution to enhance the effectiveness of trade promotion activities and boost exports is to focus on digital transformation.

On the sidelines of a trade promotion conference with Vietnam's trade offices abroad organized by the Ministry of Industry and Trade, Mr. Vu Ba Phu, Director of the Trade Promotion Agency, emphasized that the top solution to enhance the effectiveness of trade promotion activities and boost exports is to focus on digital transformation.

Effective Trade Promotion

In the first six months of 2024, Vietnam's trade promotion activities have achieved positive results amid signs of global economic and trade recovery. Mr. Vu Ba Phu stated that these activities have brought practical value to the business community, connecting product consumption with domestic and international markets.

"Trade promotion efforts have effectively supported businesses in market exploration, strengthened production linkages, and enhanced product consumption," emphasized Mr. Phu.

The director of the Trade Promotion Agency also stressed that the primary solution to enhance the effectiveness of trade promotion activities and boost exports is to focus on digital transformation.

Trade promotion activities have also focused on exploiting Free Trade Agreements (FTAs) to diversify markets, supply chains, and enhance exports. Furthermore, trade promotion and import-export development have targeted Economic Zones and investment promotion to attract foreign investors in processing and manufacturing sectors, thereby improving the quality of domestically manufactured products to meet global market standards.

Trade promotion activities have not only been active in traditional markets but have also expanded into emerging markets. Vietnam's Commercial Affairs offices abroad have provided market information and advice to localities and businesses, supporting Vietnamese products in exploring and conquering these markets.

Ms. Dang Thi Thanh Phuong, Commercial Counselor of Vietnam in Germany, noted that Vietnam has promoted many potential products deeper into the EU market, including Germany. By the end of May 2024, the total trade turnover between Vietnam and Germany reached nearly USD 4.6 billion, increasing by 0.7%. Some exported products with high values include fruits and vegetables (USD 26.25 million, up 113.5%), cashew nuts (USD 48.66 million, up 35.5%), coffee (USD 349.62 million, up 45.4%), and pepper (USD 32.83 million, up 119.9%).

Digital transformation: A breakthrough step for trade promotion activities

Looking ahead, Mr. Vu Ba Phu, Director of the Trade Promotion Agency, believes that Vietnam's export markets will continue to impose new requirements on international trade, establish more barriers, and increase trade protectionism and green conversion trends. "The changing global and regional situation brings both opportunities and challenges, posing new demands for trade promotion work. Therefore, future trade promotion activities will be flexible, innovative, combining traditional trade promotion with modern approaches, integrating with e-commerce and digital economy", emphasized Mr. Phu.

Mr. Vu Ba Phu also emphasized the need to invest in digital transformation to enhance the effectiveness of trade promotion activities. This will help strengthen communication, promotion, and enhance the competitive capacity of Vietnamese products and brands. At the same time, it will raise awareness among the business community about green transformation and sustainable production, supporting businesses to enhance their competitive capacity and adapt to current market trends.

Deputy Minister of Industry and Trade, Mr. Nguyen Hoang Long, stressed the need to innovate trade promotion activities. In particular, the digital transformation program within trade promotion activities will be vigorously promoted, connecting businesses and their products, especially Vietnamese agricultural and aquatic products, with Vietnam's Trade Offices in countries and territories to introduce and promote products and seek opportunities to expand the market.

Deputy Minister Nguyen Hoang Long also requested units of the Ministry of Industry and Trade to review key commodities and markets that need priority in short-term, medium-term, and long-term trade promotion activities. Units are required to closely coordinate to implement specialized activities within the framework of a trade promotion program, aiming to enhance efficiency and save resources amidst limited budget funds.

Furthermore, the Ministry of Industry and Trade will collaborate with localities, industry associations, and businesses to propose and develop plans for implementing trade promotion activities, developing domestic and export markets. Digital transformation in trade promotion will be carried out in accordance with strategies and projects approved by the Prime Minister.

With these new directions and solutions, Vietnam's trade promotion activities are poised for breakthroughs, creating favorable conditions for Vietnamese businesses to expand further in the international market.

Binh An