February 25, 2024

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Boosting Vietnam’s Global Economic Footprint

The Ministry of Industry and Trade (MoIT) recently unveiled an ambitious plan to propel Vietnamese businesses onto the global stage through a cutting-edge initiative. At the core of this strategy is the selection of 100 exceptional enterprises for the “Vietnam Pavilion” on a leading B2B e-commerce platform, slated to revolutionise the landscape of international trade.

Image credits: VNA

This innovative programme seeks to champion the diverse array of “Made in Vietnam” products, fuel international trade endeavours, and facilitate seamless access for businesses to tap into the vast customer base of an established e-platform. By leveraging this expansive network, the initiative aims to illuminate Vietnam’s products and the prowess of small- and medium-sized enterprises (SMEs) to a global audience.

The registration window for SMEs extends until January 15, 2024, offering selected participants invaluable insights from seasoned exporters. Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, emphasised the pivotal role of this collaboration with the e-commerce giant, highlighting its potential to furnish SMEs with a gateway to the global market. This collaboration underscores a strategic shift toward digital trade, fortifying resilience amid the unpredictable undulations of the global market.

The inception of the “Vietnam Pavilion” in 2022 signals a concerted effort to bolster Vietnamese businesses by amplifying their brand presence and facilitating seamless networking opportunities. According to the Country Director of the e-commerce company in Vietnam, this alliance is pivotal in augmenting the global footprint of Vietnamese enterprises, streamlining their participation in global business endeavours.

In the previous year, Vietnam witnessed an exponential surge in exports via e-commerce, surmounting 80 trillion VND (approximately 3.25 billion USD). Forecasts project a meteoric rise, expecting the figure to soar to nearly 300 trillion VND by 2027. In anticipation of this burgeoning trend, Vietrade swiftly rolled out various online and hybrid trade promotion models, yielding commendable outcomes.

Simultaneously, the Ministry of Industry and Trade organised an event to introduce the “National Centralised Promotion Programme 2023 – Vietnam Grand Sale 2023” to stakeholders across the country. This initiative is designed to invigorate trade promotion endeavours while fortifying the branding of Vietnamese goods. The programme aims to stimulate domestic market growth, diversify purchasing channels, and bolster production, circulation, and business activities, catalysing the country’s economic resurgence.

Image credits: Vietnam Trade Promotion Agency

The National Focused Promotion 2023 is set to be a nationwide affair, spearheaded by the Department of Trade Promotion in collaboration with relevant industry units, associations, businesses, and organisations. This concerted effort will encompass a multifaceted approach, blending traditional trade methods with e-commerce to generate a ripple effect, drawing the active participation of enterprises across sectors.

Businesses are granted the autonomy to partake in the “National Focused Promotion 2023” Programme by proactively engaging in diverse and compelling promotional activities aimed at captivating customers. They have the prerogative to set promotional limits (up to 100%), provided they adhere to legal and transparent promotional practices and safeguard consumer rights.

As stipulated, the permissible limit for goods and services used in promotional activities during the specified period from December 4, 2023, to February 9, 2024, stands at 100%, in alignment with regulatory decisions.

In essence, these initiatives orchestrated by the Ministry of Industry and Trade represent a decisive stride toward harnessing technological advancements to bolster Vietnam’s economic landscape, empowering businesses to thrive in the digital age while fortifying their global market presence.

Vietnam is eager to develop its digital economy and ensure that it is ready to make use of any opportunities to expand.

OpenGov Asia reported that the Ministry of Information and Communications is designing a strategy for Vietnam’s international fibre-optic cable development that will soon be released. This initiative aims to guarantee the secure and sustainable advancement of Vietnam’s digital infrastructure, according to Pham Duc Long, the Deputy Minister of MIC.

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