Autumn Fair’s confab promotes private firms’ engagement in global value chains

The Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency organised a trade promotion conferece in Hanoi on October 29, encouraging Vietnam’s private sector expand its global presence and integrate more deeply into global value chains through the "Go Global" programme for 2026–2035.

The hybrid event, part of the ongoing Autumn Fair, was attended by Vietnamese trade offices abroad.

In her speech, Deputy Director of the MoIT’s Department of Planning, Finance, and Enterprise Management Mai Thi Thu Hien, said "Go Global" is a strategic mission under the Prime Minister’s directive to develop the private sector into a key driver of the economy.

Vietnam’s "Go Global" journey, in fact, began with its Doi moi (renewal) policy with such milestones as the accession to ASEAN in 1995, the signing of the bilateral trade agreement with the US in 2000, the admission to the World Trade Organisation in 2007, and engagement in new-generation trade pacts like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA).

The trade promotion conferece is held in Hanoi on October 29 as part of the ongoing Autumn Fair. (Photo: VNA)

After nearly four decades, the country has become one of the world’s top 20 exporters and 10 most open economies, with its private sector gathering roughly 1 million companies and contributing around 30% of total export turnover.

However, Hien stressed that the country’s exports are still dominated by FDI firms, and private businesses mainly handle low value-added stages. Besides, outward investment remains limited in both scale and speed while logistics infrastructure, export credit, and innovation incentives have not met businesses’ needs.

She described the factors as barriers for Vietnamese firms to go global.

At the event, industry representatives called for stronger institutional and policy support. Vice Chairman and General Secretary of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam said enterprises need support from the State as well as technology transfer to improve management capacity and product quality.

Meanwhile, Vice Chairwoman of the Handicraft & Wood Industry Association of Ho Chi Minh City Duong Thi Minh Tue underscored the importance of partnerships in target markets as well as investment in developing material zones, given the heavy dependence on the Chinese market.

Vice Chairman of Stavian Group Nguyen Minh Tu urged the establishment of a national market research committee and better logistics, tax, and credit mechanisms to help private businesses enhance competitiveness.

"Go Global" is being developed by the MoIT and expected to be submitted to the Prime Minister for approval this year. The programme aims to raise the private sector’s share of national exports to 50–60% by 2030 and develop 20 major firms leading global value chains, along with 30 mid-sized pioneers in niche markets. It also envisions creating Vietnamese multinational enterprises with strong regional and global competitiveness.