A booth at the “Vietnam International Sourcing Expo 2024” in HCM City. The Vietnam Improving Private Sector Competitiveness Project supports 12 companies at the expo to enhance their competitiveness. — Photo Courtesy of Vietnam Improving Private Sector Competitiveness Project

HCM CITY — An insightful seminar titled "Market Trends and Export Opportunities for Vietnamese Agricultural Products and Processed Foods in International Distribution Systems" was held in HCM City on Friday.

The seminar, jointly organised by HCM City’s Investment & Trade Promotion Centre, the Ministry of Industry and Trade’s European-American Market Department, and relevant agencies, is part of the ongoing “Vietnam International Sourcing Expo 2024” (VIS 2024) in HCM City.

During the seminar, experts shared market insights, changing consumption trends in key export markets, and specific recommendations for Vietnamese export enterprises to enhance their involvement in the global value chain, as well as to adapt to new standards for sustainable development.

In her opening speech, Deputy Minister of Industry and Trade Phan Thị Thắng highlighted the resilience of Việt Nam's agricultural exports despite global economic challenges in 2023.

She noted the impressive growth in exports of agricultural, forestry, and aquatic products, such as rice, fruits, vegetables, coffee, and cashew nuts, which contributed positively to the trade surplus.

Leveraging geographical advantages, natural conditions, and benefits from free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Việt Nam Free Trade Agreement (EVFTA), Vietnamese agricultural products and food exports have maintained double-digit growth, Thắng emphasised.

Acknowledging Việt Nam's positive achievements in agriculture, Thắng pointed out the need to move beyond exporting raw commodities with low processing content, emphasising the importance of sustainability and competitiveness in the sector.

She also highlighted the challenges faced by Vietnamese agricultural exports, particularly in meeting quality standards and addressing market demands.

In addition to the seminar, experts provided insights on critical areas including needs, trends, opportunities, standards, regulations, and challenges in global markets for businesses participating in international supply chains.

Recently, alongside the efforts of businesses, the Government has approved and implemented several essential policies and initiatives to boost the production, processing, and export of Vietnamese agricultural products.

These initiatives have yielded tangible results, contributing to the development and diversification of export and import markets, ensuring sustainable long-term growth, encouraging Vietnamese enterprises to actively participate in the global production, supply, and distribution chain, directly exporting to foreign distribution networks based on maximising the strengths and leveraging the significant competitive advantages of Vietnamese exports.

Thanks to these efforts, total export turnover of agricultural, forestry, and aquatic products exceeded US$53billion in 2023, with many agricultural commodities increasing both in value and quantity, such as rice, fruits and vegetables, coffee, and cashew nuts.

IPSC supports Vietnamese companies at VIS 2024

At the VIS 2024, the Vietnam Improving Private Sector Competitiveness Project (IPSC) – an USAID-funded programme managed by the Agency for Enterprise Development (AED) under the Ministry of Planning and Investment (MPI) – has supported 12 Vietnamese enterprises to enhance their competitiveness, access markets, and promote exports.

The 12 enterprises sponsored by USAID IPSC to participate in the expo operate in the production and import-export of agricultural and forestry products, and are located in HCM City and Mekong Delta provinces. These enterprises have clear goals and enthusiasm, having actively participated in the IPSC project's support activities in previous years.

They include HSC Investment Corporation, Green Powers (Vua Bưởi), Hoàng Phát Fruit, Kokofi Coconut Cosmetic, VICOSAP - Cau Ke Coconut Processing, SOKFARM - Trà Vinh Farm, Real Bean Coffee, Hygie & Panacee, Sumofood Vietnam, Thiên Thành Tea, Nhơn Hải Purple Onion Agricultural Cooperative and Ông Thọ Rice.

Recognising the importance of international economic integration for the development of Vietnamese enterprises, USAID IPSC has chosen VIS 2024 as one of the events aligning with its goals of helping businesses enhance their competitiveness, access markets, and promote exports.

USAID IPSC believes that VIS 2024 will be an excellent opportunity for Vietnamese enterprises to assert their position in the international market, attract investment, and promote exports. The programme is committed to continuing to support Vietnamese enterprises in enhancing their competitiveness, achieving sustainable development, and contributing to the country's economic growth. — VNS