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Apr 20, 2023 / 15:34

Vietnam urged to strengthen trade connection with foreign businesses

Hanoi's priority activities have focused on supporting linkages among stakeholders, including small and medium-sized enterprises, craft villages, and start-ups.

Hanoi authorities should organize business connection activities more frequently to win the confidence of investors, an official in charge of business partnerships has suggested. 

 Vice Chairman of the Hanoi Association of Small and Medium Enterprises Mac Quoc Anh. Photo: Khac Kien/The Hanoi Times

Mac Quoc Anh, Vice Chairman of the Hanoi Association of Small and Medium Enterprises (Hanoisme), told VGP on the occasion of a conference on trade cooperation and connectivity between Hanoi and Singapore businesses.

What do you think about the necessity of holding business matchmaking and trade events, including a trade cooperation and connectivity event between Hanoi and Singapore businesses in March?

Organizing events like the one between Hanoi and Singapore enterprises is a practical activity that will open up opportunities for enterprises on both sides to strengthen investment, trade, and services.

Vietnam is one of the countries that has engaged in international economic integration through the signing and implementation of many free trade agreements (FTAs). This gives new impetus to development, market expansion, and diversification, improving the adaptability of the economy.

With the country's bilateral and multilateral trade agreements, it is necessary to promote trade and investment activities, especially calling for more external resources when the international market has opened. In addition, Vietnam also needs to strengthen trade linkages, science and technology innovation, and financial support to increase targeted exports.

The new generation of free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA), have laid a solid foundation for strengthening bilateral trade and investment exchanges and international economic integration in the region and the world.

Singapore is one of the leading countries investing in industrial parks across Vietnam, which have created a large number of jobs and expanded Vietnam's exports of goods through Singapore's distribution channel.

Singapore is also a traditional import and export market for Hanoi. In 2022, Hanoi exported goods worth US$615 million to Singapore, accounting for 3.6% of its total export turnover. The main export items are machinery, equipment, tools and spare parts, wood and wood materials, electronic components, computers, and computer components. Therefore, we need to focus on trade promotion activities with this market.

 Vietnamese and Singaporean businesses are discussing trade cooperation opportunities at an event in March 2023. Photo: Hoai Nam/The Hanoi Times

What activities have local authorities carried out to meet the cooperation needs of the business community and small and medium-sized enterprises?

Recently, Hanoi's agencies have held regular events on trade linkage and promotion to meet the needs and wishes of the business community and small and medium-sized enterprises.

In particular, the government is supporting the connection of many enterprises, creating legal frameworks, mechanisms, and policies while simplifying administrative procedures. The priority has focused on small and medium enterprises, craft villages, and startups.

What are the solutions for an effective trade link between Vietnamese businesses and other countries?

Attending many networking events will help Vietnamese businesses understand legal issues and culture of target customers. Vietnamese goods can penetrate foreign markets if they meet standards and technical regulations provided in bilateral and multilateral free trade agreements.

Through such trade connections, local enterprises will seek potential partners and distributors in Asia, Europe, and the US, especially in major trading centers around the world.

Meanwhile, regular liaison activities will help foreign businesses learn more about Vietnam and Hanoi's products and services.

I hope that Hanoi authorities will organize such activities more frequently in the future to boost the confidence of investors and markets.

Thank you for your time!