State to fund trade promotions

At least half of the total cost for national trade promotion programmes is to be funded by the State budget.

The funding – part of a newly-issued prime ministerial decision – will be spent on all trade promotion programmes intended to develop exports and further exploit the domestic market, especially in mountainous, border and island areas.

Under the decision, the development of networks for the distribution of domestic goods and services to the highlands, border zones and islands will be fully funded by the State budget.

In addition, the State will provide complete funding for programmes to advertise and promote the consumption of Viet Nam’s goods, especially agricultural produce, in those regions.

The Prime Minister has approved a plan to disburse about VND16 billion (US$842,000) from the State budget on trade promotion programmes in border regions this year, said deputy director of the Ministry of Industry and Trade’s Mountainous Area Trade Department Nguyen Van Hoi.

Under the newly-issued decision, funding will also be made available for overseas fact-finding trade missions; international export expos in Viet Nam; the examination and research of the domestic market; building a goods-and-services database; short-term business training courses and the forming of retail networks.

70 per cent of the costs for trade information, market research and the establishment of databases for key export markets will be covered by the decision.

Programmes intended to promote Viet Nam’s goods and services in rural and urban areas as well as industrial zones will be entitled to the same aid.

Exhibitions of materials and equipment for agricultural and rural development will be entitled to 50 per cent of organisational costs.

Minister of Industry and Trade Vu Huy Hoang said that there had been 56 national trade promotion programmes costing VND72 billion ($3.7 million) approved this year. — VNS