500 businesses introduce an international supply chain of goods

According to Vietnam Customs data, in the first quarter of 2024, the total import-export turnover of goods reached $ 178.04 billion, up 15.5% compared to the same period last year. Specifically, the export turnover reached $ 93.06 billion, up 17%; the import turnover reached $84.98 billion, up 13.9%. The trade balance of goods exports exceeded imports by $ 8.08 billion.

Regarding the European and American markets, in the first quarter of 2024, the total import-export turnover of goods reached $ 55.6 billion, up 20.4% compared to the same period in 2021. Specifically, the export turnover reached $ 44.9 billion, up 21.6%; the import turnover reached $ 10.7 billion, up 15.7%. The trade surplus of the European and American markets reached $ 34.2 billion.

"These figures show that in the first quarter, Vietnamese enterprises have made great efforts and demonstrated significant resilience to overcome the challenges of 2023 and move towards a more sustainable export development phase", said Mr Ta Hoang Linh, Head of the European and American Market Department (Ministry of Industry and Trade).

Mr. Ta Hoang Linh, Head of the European and American Market Department (Ministry of Industry and Trade), stated that the Vietnam International Sourcing 2024 event, covering an area of 10,000m2 for 500 enterprises representing various sectors in the international supply chain, focuses on 5 main sectors: food, textiles, footwear, bags, sports and outdoor equipment, household appliances and furniture, and supporting industries.

The "Vietnam International Sourcing 2024" event series takes place against the backdrop of Vietnam's strong transformation in recent years to become a global manufacturing hub, capable of supplying a wide variety of products to the world market, competitive in terms of price, and with improving quality.

Moreover, following the COVID-19 pandemic and recent political-economic instabilities, many corporations and retail/wholesale distribution channels are intensifying their diversification strategies, ensuring sustainable supply sources, and have chosen Vietnam as a strategic location in their global supply chain.

The Vietnam International Sourcing Expo 2024 is highly regarded by industry professionals and businesses for bringing together internationally certified enterprises with high-quality products in Vietnam's key sectors, as well as leading international distributors and retailers in need.

"This is not only an important event to promote exports and develop markets but also a place for networking, learning, and exchanging experiences among businesses.

We hope that many successful trade agreements and transactions will be signed at the event. Participating units will have the opportunity to meet various partners and customers and gain more business ideas after seminars, and networking activities... so that the Vietnam International Sourcing 2024 event becomes a reputable business rendezvous for enterprises, contributing to expanding the reach of Vietnamese goods, agricultural products, and commodities on the global market", Mr. Ta Hoang Linh stated.

Mr. Ta Hoang Linh further added that this year's event has the participation of the Vietnam Trade Offices/Branches abroad promoting Vietnam International Sourcing 2024 extensively. They actively seek and engage in outreach efforts, inviting procurement delegations, import-export businesses, and local distribution enterprises to participate in the exhibition and seminar activities within the framework of the Vietnam International Sourcing 2024.

This year's event also attracts the attention of major global corporations such as Aeon, Uniqlo (Japan); Walmart, Amazon, Safeway (USA); Falabella (Chile); Carrefour, Decathlon (France); Central Group (Thailand); Coppel (Mexico); IKEA (Sweden), LuLu (UAE),... as well as professional purchasing agents for global supply chains.

In addition to aiming to promote exports, Vietnam International Sourcing 2024 also includes sideline activities to support businesses in enhancing their capacity and achieving sustainable development as they enter the global market.

The event promises to attract 10,000 visitors and facilitate transactions with 300 international delegations from 30 countries and territories. The organizers also collaborate with the Departments of Industry and Trade to bring procurement delegations to survey businesses in some localities.

Deputy Head of the European - American Market Department advises businesses to proactively improve their products, packaging, labels, quality, and production processes to meet export standards. They should actively study the free trade agreements Vietnam has signed and explore opportunities with their product lines and target markets. Enhancing brand recognition online through websites and social media platforms with comprehensive information demonstrates their capabilities to expand brand promotion to foreign partners and build trust. "More importantly, we need to proactively respond better, enhance competitiveness, and make better use of economic development opportunities", emphasized Mr. Nguyen Hong Duong.