Consumers examine bicycles at a trade fair. Trade fairs held under the national trade promotion programme attracted 1.8 million visitors last year. — VNA/VNS Photo The Anh

The government has approved a total outlay of VND70 billion (US$3.4 million) for the national trade promotion scheme, which is about 32.5 per cent of the estimated requirement. The figure is also lower than last year's outlay of VND93.73 billion ($4.3 million).

According to the Deputy Director of the Trade Promotion Agency under the Ministry of Industry and Trade, Ta Hoang Linh, the target for export growth has been set at 10 per cent, or $145 billion, for this year. That will be a challenging task given the limited state funds, he added.

In order to achieve the export target, the ministry noted that exports must be calibrated to suit global consumption trends, while exploiting Viet Nam's advantages.

Director of the Trade Promotion Agency Do Thang Hai added that the ministry had ratified nine promotional projects that could be implemented early this year.

The first phase of the national trade promotion scheme will receive more than VND30 billion ($1.4 million).

"The early approval of the national trade promotion scheme will help enterprises plan their own promotional campaigns more effectively, and encourage more enterprises to join the scheme and seek new business opportunities and expand markets," Hai noted.

In 2013, the trade promotion scheme was focused on traditional products, such as fisheries, agricultural products, wood, garments, textiles and footwear, that contributed to overseas market expansion and local market development.

The national trade promotion scheme supported the participation of more than 6,800 enterprises last year, with the total value of transactions, contracts and memoranda signed increasing to $1.4 billion.

In addition, trade fairs held under the scheme attracted 1.8 million visitors last year. — VNS