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National trade initiative Part 1 gets thumbs up

Update: March, 17/2012 - 08:55

HA NOI — The Ministry of Industry and Trade (MoIT) has approved the first phase of the National Trade Promotion Programme 2012.

To include 44 projects worth a combined VND44 billion (over US$2 million), the project will focus on exports by organising and joining overseas and domestic trade exhibitions, providing enterprises with updated trade information and promoting official capacities.

Fostering trade promotion in urban and remote areas nationwide will be an additional priority.

Investment, however, had yet to meet the increasing demand for trade promotion of localities, associations, sectors and enterprises, the MoIT said.

It petitioned the State and relevant ministries to consider adding investment to this year's trade promotion programme in an attempt to accelerate the country's exports and develop the local market, especially in mountainous and border areas.

State budget allocation for trade promotion had experienced a downward trend year-on-year with last year's allocation cut to VND55 billion ($2.6 million), half the amount in 2010 and nearly one-third the 2009 figure, said the MoIT's Trade Promotion Agency Director Do Thang Hai.

Meanwhile, enterprise demand had been reported as seven times higher than the allocated amount, Hai added.

Viet Nam's investment in trade promotion was also said to be much lower than that of foreign countries, equalling one-thirtieth of the world's average rate. This had lowered the competitiveness of local enterprises operating in foreign markets, he said, adding that local trade promotion organisations and trade offices abroad did not co-operate effectively, which hinders trade promotion. — VNS

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