Prime Minister Pham Minh Chinh speaks at an online conference with Vietnamese trade offices (Photo: VNA)

According to the Ministry of Industry and Trade, with foreign trade of 670 billion USD in 2021, Vietnam was listed among the world’s top 20 countries in foreign trade. In the first 7 months of this year, Vietnam’s foreign trade totaled 433 billion USD and is expected to reach 800 billion USD this year ranking making Vietnam among the 10 or 15 economies with the most largest foreign trade.

These achievements have been largely due to strengthened international business activities in the industry and trade sector and to overseas Vietnamese trade offices.

Vietnamese economic ambassadors overseas

Vietnam now has 61 representative trade offices overseas whose functions are to represent and protect Vietnam’s national interests in economics and trade, help to expand overseas market for Vietnamese goods, promote investment in industry in Vietnam, provide market information to Vietnamese ministries, sectors and businesses and help them find partners, and organize trade exchanges to help businesses penetrate foreign markets.

Vu Ba Phu, Director of the Trade Promotion Department of the Ministry of Industry and Trade

Vu Ba Phu, Director of the Trade Promotion Department of the Ministry of Industry and Trade, says: "Overseas trade offices have called for investment, taken advantage of changing investment flows around the world, and helped localities, associations and businesses diversify material resources to avoid disruptions in production."

The Trade Offices have contributed to formulating trade policies to boost trade and industrial relations between Vietnam and other countries, helped expand foreign markets and participated in negotiating and signing new generation Free Trade Agreements. They have also helped to detect and remove trade barriers applied to Vietnamese goods, settle trade disputes, and protect the interests of businesses.

Trade offices need to promote their vanguard role

Currently, global trade is facing many pressures that affect import and export activities and economic growth. Vietnam's economy is especially vulnerable due to its extensive participation in global trade commitments. This context requires Vietnam’s representative trade offices, ministries, sectors, localities, associations and businesses to strengthen their coordination.

At an online conference with Vietnamese trade offices last week, Prime Minister Pham Minh Chinh stressed the need to work out solutions to improve trade activities and services and expand and diversify markets.

"The Trade Offices need to promote their vanguard role. They are the ones that follow fluctuations in the world market and the host country as well as changes in policies so they can help Vietnam’s government and businesses quickly adapt. The trade offices need to understand the laws and regulations and trade practices of the host country in order to support and protect the legitimate rights and interests of Vietnamese businesses, especially in response to trade investigations,' said the Prime Minister.

In addition to understanding the needs and requirements of the market, issuing warnings and making recommendations to handle risks, the Prime Minister stressed the need to diversify supply chains, be proactive in production and export, and participate more actively in global supply chains.

The Document of the 13th Party Congress underlines the need to diversify international economic relations to avoid dependence on one market and one partner, improve the economy's resilience against external fluctuations, and strengthen the remedy system for protecting the economy, enterprises and domestic market in line with international commitments.