Vietnam Expo 2024: A Gateway to Sustainable Development and Business Opportunities

With over 500 enterprises from 16 countries and territories worldwide showcasing their products, Vietnam Expo 2024, themed "Orienting Sustainable Development Cooperation," served as an effective bridge for international trade promotion between Vietnam and the world, attracting investment and fostering sustainable foreign trade cooperation.

Vietnam Expo 2024 was highlighted by four large international pavilions from India, South Korea, Russia, and China, demonstrating the allure of the Vietnamese market. At the event, Vietnam featured an OCOP product pavilion from 23 provinces and cities, a Vietnamese export product display area, and an investment, trade, and tourism promotion pavilion for Hanoi.

 The opening ceremony of Vietnam Expo 2024.

Minister of Industry and Trade Nguyen Hong Dien emphasized Vietnam's macroeconomic stability, controlled inflation, accelerated economic growth, and robust domestic trade. Notably, in terms of exports and imports, the country's trade balance continued to record a trade surplus for the eighth consecutive year, with an estimated surplus of over 26 billion US dollars for the entire year of 2023, nearly triple that of 2022. These remarkable achievements are attributed significantly to the proactive and effective implementation of various foreign trade support solutions, the adoption of diverse and appropriate new forms of promotion, and the assurance of timely circulation and supply of essential goods, all of which have contributed to the promotion of exports and imports.

 

Vietnam Expo 2024 featured five exhibition groups: the Vietnam Export and Investment Promotion Pavilion, the Electronics-Machinery and Supporting Industries Pavilion, the Digital Technology-E-commerce Pavilion, the Food Industry Pavilion, along with numerous seminars, forums, and direct trade facilitation consultations between booths, opening up a multitude of trade cooperation opportunities for Vietnamese and international businesses.

 

Choi Youngsam, Ambassador of Korea to Vietnam, visited the Korean National Pavilion during Vietnam EXPO 2024, expressing his hope that this would serve as an excellent opportunity for businesses from both countries to further enhance trade cooperation and boost economic growth. This year, Korea had 70 enterprises showcasing products in various sectors, including cosmetics and beauty equipment, food and functional foods, beverages, household goods and consumer goods, education, electrical and electronic equipment, and machinery and industrial supplies.

 

In addition to Korea, India was a major partner at the Expo, with 14 booths showcasing electronics, automotive components, wastewater treatment, banking and financial services, agricultural processing, consumer goods, ports, and logistics. Bilateral trade between India and Vietnam has grown steadily over the past few years, reaching 14.36 billion US dollars in 2023, making India Vietnam's 7th largest trading partner, 7th largest export market, and 10th largest import market. India's main imports from Vietnam include electronics, mobile phones and components, machinery and equipment, steel, and other metals. Against this backdrop, the presence of Indian companies at the Vietnam EXPO swiftly conveyed business opportunities and facilitated exchanges between businesses, further promoting business cooperation between the two countries.

 

Russia participated in the Expo in the context of preparations for the 30th anniversary of the signing of the Treaty on the Basic Principles of Friendly Relations between Vietnam and Russia. The Russian pavilion brought together leading enterprises from Moscow seeking to expand business ties with Vietnamese partners. Notably, at the Vietnam Expo this year, China reaffirmed its role as Vietnam's largest trading partner and second-largest export market. The Chinese pavilion, with over 100 booths, showcased machinery and equipment from provinces and cities such as Fujian and Guangdong.

Vietnam Expo 2024 featured a range of additional activities, including: Investment Promotion Training for Vietnamese Localities and Industrial Parks, Forum on "Corporate Social Responsibility: From Practice to Policy", Seminar on "Promoting Digitization in Industry: Advantages and Challenges", Seminar on "Solutions to Improve Productivity and Quality for a Successful Business and Enhancing the Vietnamese Brand in the Global Supply Chain", Seminar on "BPA Market and Automation Solutions", B2B trade matchmaking activities was conducted online to allow domestic and foreign trade organizations and enterprises to participate.

Over 20,000 visitors attended Vietnam Expo 2024, highlighting the event's appeal. Numerous promising prospects have emerged for trade and economic cooperation between Vietnamese and international businesses./.

 

By Tran Thanh Giang – Bich Van/VNP   Translated by Hong Hanh