MEASURES SOUGHT TO SUPPORT BUSINESSES IN EXPANDING FOREIGN TRADE

The Ministry of Industry and Trade (MoIT) on April 5 held a conference to evaluate trade promotion activities in the first quarter of this year and seek ways to help localities, economic sectors and businesses surmount difficulties and build strategies to expand international trade activities in the new situation.

Addressing the event, MoIT Deputy Minister Do Thang Hai highlighted positive signs in foreign trade so far this year, noting that in the first quarter of this year, Vietnam’s total import-export value hit 176.35 billion USD, up 14.4 percent year on year, with exports rising 12.9 percent and trade surplus reaching 809 million USD.

However, he noted that domestic enterprises are under a double impact of continued complicated developments of the COVID-19 pandemic and the Russia - Ukraine tension, which have caused disruption in supply chains including energy and pushed transport costs up. Meanwhile, the Vietnamese economy depends greatly on foreign trade.

Therefore, the conference was held with the aim of assisting localities, economic sectors and businesses in building their strategies and applying suitable measures to expand import-export activities in such a situation, Deputy Minister Hai said.

Ngo Sy Hoai, Vice Chairman and General Secretary of the Vietnam Timber and Forest Product Association (VIFORES) said he hopes Vietnamese Trade Offices abroad will help promote the image of Vietnam as a world leading hub of wood processing and export with resolute determination to develop the wood sector sustainably using green and legal material sources. He asked the Vietnamese Trade Office in the US to give early alert on trade remedies in this market, so that domestic firm can prepare response measures.

Meanwhile, Dinh Quoc Thai, General Secretary of the Vietnam Steel Association suggested that the MoIT provide information of import countries’ trade defence investigations against steel products.

At the event, representatives from trade associations proposed that the MoIT conduct more activities to connect domestic firms with their peers in foreign markets, and strengthen support to enterprises in joining trade fairs abroad.

Le Hoang Tai, Vice Director of the MoIT’s Trade Promotion Agency said that this year, the agency will continue to organise many activities to support the export of Vietnamese products to foreign markets. This year, the national programme on trade promotion will spend 80.41 percent of its budget for export promotion.

He said that the agency hopes for closer coordination from Vietnamese Trade Offices abroad in providing updated information on foreign market as well as technical barriers and risks of anti-dumping lawsuits and preferential policies given by foreign countries to Vietnam.

The trade offices abroad were also urged to assist with the popularisation of trade promotion events held in Vietnam and programmes to introduce national trademark, and help invite foreign firms to join trade connectivity events online.

Source: VCCI