Hanoi plans to host more than 60 major trade promotion events at home and abroad in 2024, said Nguyen Anh Duong, director of the Hanoi Promotion Agency, at a trade promotion conference with Vietnamese overseas trade agencies on January 31.

Speaking at the conference, the director of the Hanoi Promotion Agency said that among the 60 events, about 10 will be held abroad, with a total budget of about VND180 billion (US$7.3 million).

Foreign businesses and organizations visit AgroViet 2023. Photo: Nguyen Minh/The Hanoi Times

He said that the city will step up trade promotion activities by holding events in provinces, cities and abroad, or on the sidelines of important political occasions in the city and other localities, as well as by sending overseas trade promotion delegations.

Hanoi, along with other provinces and cities, contributed to the country's export revenue through trade promotion activities organized in 2023, Duong said. 

Last year, under the national trade promotion program, some 80 foreign trade promotion initiatives were carried out, supporting more than 10,000 enterprises participating in such activities, according to Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade.

He stressed that the value of contracts and direct export orders from these events exceeded $125 million.

Delegates attend the meeting. Photo: moit.gov.vn

In 2024, Vietnam's foreign trade is expected to face many challenges, requiring further strengthening of trade promotion activities to help achieve the 6% growth target as planned, he added.

"This year's trade promotion activities will be carried out under the principle of diversification and flexibility to expand into new export markets and make effective use of free trade agreements," Phu said.

This includes organizing international trade fairs and exhibitions in Vietnam, including first-time exhibitions such as a One Commune One Product (OCOP) exhibition and an international industrial supply chain products fair.

In addition, trade promotion conferences will be organized to facilitate the expansion of the domestic market within six economic zones. Efforts will also be made to expand the reach of Vietnam's marketing activities to international audiences, including setting up national pavilions at prestigious international fairs, sending trade promotion delegations abroad, and facilitating business forums to promote bilateral and multilateral cooperation programs at various levels.

At the conference, Do Ngoc Hung, Vietnam's Trade Counselor in the US, cited information from the US Department of Commerce for the first 11 months of 2023, showing that the US continues to be the largest export market, accounting for nearly 30% of the country's total export turnover.

Vietnam's trade surplus with the US ranked third after China and Mexico, reaching $96 billion, of which exports reached $104.8 billion, down 12% but exceeding the $100 billion mark for the second consecutive year.

He said that in 2024, the Vietnamese Trade Mission to the US plans to strengthen businesses' understanding of market access strategies, promote sustainable production and consumption practices, advocate the adoption of technology, and encourage the use of renewable energy to meet the increasingly stringent standards and regulations of developed countries.

On the other hand, support will be provided to address companies' limitations in terms of market information, increase their self-sufficiency in raw materials, production capacity and brand building, he stressed.