Strengthening business connections

Therefore, it must be affirmed that the Ministry of Industry and Trade 's organization of the annual Vietnam International Sourcing Fair is on the right track. If our Vietnam International Sourcing Fair gradually reaches the level of THAIFEX, it will create opportunities for Vietnamese export businesses to showcase their skills, which is a very important opportunity to connect trade and boost exports.

Clearly, after two years of organization, Vietnam International Sourcing has gained considerable appeal, evident in the significantly higher number of foreign businesses participating this year compared to last year. The organizing committee's efforts have also become increasingly professional, aiming to provide businesses from both sides with the best opportunities to enhance trade.

For the Nordic business delegation, after attending the trade fair twice, what were the trade benefits that the businesses achieved, Madam?

In the events held in 2023 and 2024, the Vietnamese Trade Office in Sweden, also covering Northern Europe, organized a relatively large delegation of Vietnamese businesses from various sectors to participate. At these events, the participating businesses had the opportunity to gain a deeper understanding of the Vietnamese market and the potential for cooperation in various fields, from logistics to manufacturing, thereby opening up many new business collaboration opportunities.

A delegation of Nordic businesses attended the Vietnam International Sourcing Fair 2023 (Photo: Vietnam Trade Office in Sweden)

For example, the Gothenburg Port, participating in the 2023 trade fair, connected and worked with Vietnamese partners. Recognizing the potential of the Vietnamese market, they worked with Tan Cang Corporation and prepared to sign a Memorandum of Understanding (MOU) on promoting direct import and export between Vietnam and Sweden, through the Gothenburg Port and other ports under the Tan Cang Saigon system. Simultaneously, the two companies will strengthen cooperation and exchange experiences on digital transformation and green transformation in the port sector. This MOU is expected to be signed on September 6th, witnessed by leaders of the Ministry of Industry and Trade and the People's Committee of Hai Phong City in Stockholm (Sweden).

Large corporations in the furniture and household goods sectors in Northern Europe, such as FH (Denmark) and IKEA (Sweden), or leading Asian food import businesses like East Asia (Sweden), have participated in the fair for two consecutive years. Each time they participate, they have a more positive view of the Vietnamese market in general and Vietnamese exports in particular. Several contracts were signed immediately after the fair. Many new products were introduced to the market, such as shredded green papaya and frozen Vietnamese bread.

Besides those successes, how do you view the shortcomings of this important trade promotion event?

First of all, it must be frankly acknowledged that Vietnam International Sourcing is in its initial stages of development, and like many other international trade fairs, we also face certain challenges, especially in balancing the number of exporting and importing businesses participating.

For example, in 2023, the number of Vietnamese businesses participating was quite large, but the number of foreign businesses brought in by trade offices to purchase goods did not meet expectations. In 2024, the number of businesses brought in by trade offices increased, but the number of Vietnamese exporters and the variety of goods displayed did not meet expectations. This is a problem faced by many other trade fairs, including large ones, and it is not something that can be solved overnight. However, if this can be resolved by harmonizing the number of participating businesses and the variety of goods, the effectiveness of the trade fair will certainly be higher.

With experience from participating in numerous large-scale trade promotion events both domestically and internationally, what solutions, in your opinion, are needed to further enhance the effectiveness of Vietnam International Sourcing in future editions?

First and foremost, we need to start by increasing the participation of Vietnamese businesses. To enhance the attractiveness of the fair, diversifying the products on display is crucial. We need to encourage businesses from various sectors to participate, such as agricultural products, food, textiles, footwear, supporting industrial products, green products, etc. In the early years, attracting export businesses to participate in the exhibition booths will require strong support from the Ministry of Industry and Trade and local authorities, such as providing financial support packages or offering preferential policies.

Furthermore, attracting international businesses is also a major challenge. The Ministry of Industry and Trade needs to build the prestige and brand of the trade fair by promoting it through international media and at major trade fairs worldwide to attract the attention of foreign businesses. In addition, building strategic partnerships with international trade organizations and countries to promote and bring purchasing delegations to Vietnam should also be considered, such as signing MOUs with major trade promotion organizations in other countries. The Vietnamese Trade Office in Sweden is working on this and, if possible, will sign an MOU during the upcoming visit of the Ministry's leaders to Sweden.

Finally, the timing of the trade fair should be fixed at a specific time of year to make it easier for trade missions and businesses to plan. Major trade fairs around the world often do this.

I believe that, with the unity and efforts of all of us, Sourcing Fair will continue to grow and contribute to the growth of Vietnam's export turnover.

Thank you, ma'am!