Hanoi (VNA) – Minister of Industry and TradeNguyen Hong Dien has affirmed the determination to strengthen trade promotionand export to major markets, optimising free trade agreements (FTA), makingfull use of opportunities, and actively responding to challenges in 2024.

In an interview granted to Vietnam News Agency, the ministersaid that his ministry will coordinate with relevant agencies to supportdomestic firms to conduct trade promotion activities in new and promisingmarkets, while prioritising the supply of market information and tradeopportunities to increase market share in traditional markets and exploit newones.

Particularly, the ministry will assist the building andimplementation of concentrated and large-scale trade promotion events with theconnections of regions and sectors in targeted markets. At the same time, itwill combine trade promotion with investment, culture and tourism promotion,said the official.

Along with effectively implementing branding activities byhonouring products recognised by the Vietnamese national trademark programme,the ministry will enhance trade promotion capacity in parallel with trademarkbuilding and development at three levels from national, sector and productlevels in association with geographical indications, he said.

Meanwhile, the ministry will provide market information and capacityimprovement training to localities, trade association, businesses and cooperativesusing digital platforms, stated Dien.

According to the minister, Vietnam has been one of the 20leading economies with biggest trade scales in the world, which goes along withincreasing number of cases of investigation and application of trade remedies inforeign markets, which had amounted to 240 cases in 24 markets as of December2023.

In order to ease negative impact of the cases, Dienadvised businesses to diversify their export markets and products, whilecarefully studying laws and regulations regarding trade defence remedies inforeign markets.

Besides, domestic firms should increase theircompetitiveness by enhancing their product quality and increasing added valuesin their products, he said.

In 2024, along with optimising underway FTAs, the conclusionof negotiations for new deals with new markets such as Israel and the UAE isexpected to open up new trade, investment and export opportunities for Vietnam,Dien said, adding that the upgrade of relations with big partners such asChina, the US and the EU, as well as efforts to improve the investmentenvironment of Vietnam are also hoped to bring about new chances for thecountry to increase production and export capacity./.