MoIT approves funding for trade promotion

The Ministry of Industry and Trade (MoIT) has approved a package of VND25.21 billion, or about US$1.2 million, for the second phase of the national trade promotion scheme in 2014.

The Thoi bao ngan hang (Banking Times) newspaper reported that the package will fund trade promotion activities to develop markets, export products and trade information in both domestic and foreign markets, improve the capacities of the domestic enterprises as well as bring locally made products to rural, mountainous and border areas.


The trade promotion activities during the scheme's second phase will focus on organising exhibitions to advertise promising sectors such as food processing, seafood and agricultural products in both traditional and potential markets such as the US, South Korea, Japan, China and new outlets in Western Asia and Africa.

Top priority will also given to establishing a distribution channel in rural, mountainous, border and disadvantaged areas and in supporting six regional fairs and 128 projects which transport Vietnamese products to remote areas.

More than 6,800 domestic enterprises were helped to participate in trade promotion activities through the national trade promotion programme in 2013, according to the MoIT's Department of Trade Promotion.

Over 280,000 commercial transactions were implemented in 2013, with the total value of the signed deals and memorandums of understanding reaching over $1.4 billion and $7.7 million respectively.

In addition, the fair activities hosted by the programme attracted more than 1.8 million visitors, with the sales revenue exceeding VND380 billion ($17.86 million). The programme provided remarkable assistance to trade associations and helped enterprises to expand their market in the country and abroad.

Last year, the State gave VND70 billion, or approximately $3.3 million, to the programme to implement support activities for domestic enterprises, it said.