VCCI, MoIT Join Hands to Support Businesses

1:58:47 PM | 12/5/2020

On May 7, 2020, the Ministry of Industry and Trade (MoIT) and the Vietnam Chamber of Commerce and Industry (VCCI) officially signed the Joint Action Program.

This cooperation program will be an important premise for practical and effective activities for national socioeconomic development in general and for the growth of the business community and businesspeople in particular.

The program is comprehensive and inclusive with three main pillars of action: Building, perfecting, propagating and disseminating institutions, laws and international treaties on industry and trade; ensuring the rights of business and equal access to resources and business opportunities for businesses; and creating a favorable environment to support startups and business innovations.

In the coming time, MoIT and VCCI will work together with domestic and foreign trade promotion agencies to organize many conferences, seminars and online trade events to support Vietnamese businesses to have more opportunities to connect markets, increase market share, and overcome difficulties caused by the Covid-19 pandemic. Driven by the Fourth Industrial Revolution, online trade promotion is indispensable for each business. Applying information technology to trade promotion will help minimize difficulties for businesses such as direct contacts, remote geographic distance, inconvenient traffic, natural disasters and epidemics to effectively connect with the market.

The two sides will continue to diversify and modernize traditional trade promotion activities such as training and coordination in organizing trade fairs and exhibitions to help Vietnamese businesses in general and VCCI members in particular to increase opportunity for effective connectivity with export markets.

The cooperation will enable the establishment of a secured connection mechanism for smooth information exchange between Vietnamese businesses that are members of VCCI, industry associations, local trade promotion centers, Vietnam trade offices/centers in foreign countries with relevant contact points of MoIT and VCCI throughout the country. This is the basis for Vietnamese enterprises to gain more favorable access and connectivity to the market, reduce costs and improve the competitiveness of exported products.

The Ministry of Industry and Trade will work together with relevant agencies to take full advantage of opportunities from signed and effective FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), already enforced, and the EU - Vietnam Free Trade Agreement (EVFTA), expected to be ratified and brought into force in 2020, to promote exports. Impacted by the Covid-19 epidemic, MoIT and VCCI have strengthened many new forms of communications, especially online communications, on FTAs ​​that Vietnam participates in, particularly to small and medium enterprises. The two agencies are ready to guide and support enterprises to tackle difficulties and obstacles arising in the process of implementing commitments.

MoIT will continue to coordinate with VCCI, trade associations and localities to develop a number of urgent projects that can be implemented immediately and feasibly in order to support businesses to reach consumer markets and supplement those projects to the National Program on Trade Promotion 2020.

Huong Ly (Vietnam Business Forum)