Hanoi targets greater efficiency in trade promotion

Hanoi businesses introduce their products to foreign partners at the FLAsia 2023 trade fair. Photo: Hoai Nam/The Hanoi Times

“Such a move remains key to Hanoi’s import-export performance,” said HPA Director Nguyen Anh Duong.

According to the plan, Hanoi will organize various promotion and investment activities, such as the Investment, Trade, and Tourism Promotion Conference with the theme “Hanoi and the Red River Delta Provinces”; Southeast Region - Connecting for Development - 'Link to Grow'; Organizing investment, trade, and tourism promotion programs focusing on Hanoi's craft villages, including traditional craft demonstrations.

The city will also strengthen export and trade promotion and business connectivity and increase transactions with foreign distribution systems. Traditional trade promotion methods will be effectively utilized, while innovative and diversified approaches will also be adopted through increased application of information technology and digital transformation, said Duong.

Specifically, the city will leverage the benefits of information technology and digital transformation in information exchange and trade promotion operations within the network of trade promotion agencies and the business community. Additionally, he continued that activities would be organized to boost Hanoi's agricultural products.

To achieve these goals, the Hanoi People's Committee issued a directive requiring all units to implement the program in accordance with legal requirements, ensuring clarity of processes, efficacy, and accountability.

“Emphasis will be placed on timely and accurate information provision, streamlining administrative procedures, and supporting businesses in overcoming investment, production, and operational challenges. Building trust and strengthening cooperative relationships between investors, businesses, and government agencies is a priority,” stated the authority.

In particular, the directive stressed that promotion activities must be practical and effective, maximizing the strengths and comparative advantages of Hanoi's enterprises. Continuous updating, research, analysis, and evaluation will be conducted to propose appropriate promotion activities based on economic conditions at home and abroad. The city will also push for the implementation of new, modern, feasible, and effective technologies in promotional efforts.

Effective trade promotion 

Speaking about the achievements in trade promotion, Director of the Trade Promotion Agency under the Ministry of Industry and Trade Vu Ba Phu noted that 121 projects were implemented under the National Program on Trade Promotion in 2023. Over 80 of these projects focused on trade promotion activities in key and new potential markets to showcase Vietnam's export capabilities.

These activities supported over 10,000 businesses, resulting in hundreds of contracts and export orders worth over $125 million signed directly at trade promotion events.

Trade promotion activities have also helped businesses secure stable raw material sources for production, diversify export markets, explore and connect with new markets and partners, take advantage of free trade agreements (FTAs), strengthen international market connections, and integrate deeply into global value chains, Phu said.

In Hanoi, Phu highlighted that the HPA has played a crucial role in connecting Hanoi’s trade promotion efforts with those of the region and the entire country, acting as the lead agency for the city's promotion activities across investment, trade, and tourism.

Notably, some of the HPA’s programs have built strong brands and extended their impact by connecting localities. They have supported not only Hanoi-based businesses but also those from other provinces in promoting products, enhancing competitiveness, connecting with partners, and expanding domestic and export markets. For example, the annual Vietnamese Regional Specialties Fair attracts participation from nearly 60 provinces and cities. Programs facilitating access to major foreign distribution systems, such as AEON (Japan), Lotte (South Korea), Big C, and Go (Central Group), have also been impactful.

Looking ahead to 2024, import-export activities will face many risks. In addition to pricing, product quality, and delivery times, criteria such as sustainability and green practices are becoming competitive requirements in major markets like the US, EU, and Japan.

“Vietnamese exporters need to be proactive in gathering market information and understanding market requirements. Trade promotion activities remain an effective way to support businesses in navigating these challenges,” suggested Phu.