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Jul 31, 2020 / 14:40

Hanoi suspends fair promoting Vietnamese exports

A fair promoting Vietnamese exports was expected to effectively implement the domestic stimulus program for the city.

The Hanoi Department of Industry and Trade has announced it would stop the launch of a fair designed to promote Vietnamese exports, which was planned to take place from July 30 to August 2 in the city, due to the reappearance of Covid-19.

 Hanoi authorities support local exporters to promote trade and investment cooperation to other countries. Photo: haiquanonline

The department had planned to coordinate with relevant departments and agencies to organize the fair with a view to supporting local exporters in overcoming difficulties and reducing inventories due to the impact of Covid-19.

Opportunities for businesses and consumers

The fair was meant to provide an opportunity for local exporters to strengthen trade connection and investment, by directly connecting exporters with main distribution channels in the city such as AEON, Big C, Vinmart, Lotte, and Hapro, and other international groups in Vietnam to expand markets and boost exports.

In the first six months of 2020, the complicated situation of Covid-19 in many countries caused many Vietnamese import partners to delay orders from April, May and temporarily stop negotiating orders from June onwards.

In addition, the slow clearance process due to enhanced inspection and control of diseases at both export and import terminals increased time and costs, while commodity prices dropped, sharply impacting export activities. 

The city’s export slightly dropped by 6.7% compared to the same period in 2019 to US$6.7 billion.

Promotion programs 
 Litchi fruits are sold at the supermarket in Japan. Photo: Nikkei Asia Review

In the coming time, the department will continue to coordinate with the Ministry of Industry and Trade to support local businesses to find alternative sources of raw materials, and to take advantage of incentives from new-generation trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).

The department will also organize training programs to disseminate laws and information on import and export markets, international economic integration, legal policies of Vietnam and other countries to take advantage of preferences in international commitments. 

Local businesses will have a chance to participate in training courses to improve design, product, market information, management skills as well as application of new technology. 

The department will continue to implement trade and investment promotion programs; developing infrastructure, services for import and export, and promoting the involvement of private resources in logistics services.