The iTrace247 blockchain-powered origin tracking mechanism debuted on March 21 at a seminar conducted in Hanoi to discuss the Support for Regional Economic Cooperation in Asia (SRECA) initiative. The framework enables companies to promote their pictures and trademarks in domestic as well as global markets, while also providing consumers with input into the cultivation, processing, transit, and distribution operation.
The iTrace247 origin tracking marks for produce from the regions of Hai Duong, Son La, and Bac Giang have been tested domestically since March 2021. To satisfy the demand for exports, tracking stamps might offer data in the languages sought by consumers, thereby satisfying import market openness criteria.
In the past, Thanh Ha lychees from the northern province of Hai Duong were effectively shipped to Singapore and Japan with iTrace247 provenance tracking labels in English and Japanese. iTrace247 updated its software to include a blockchain-based function in response to the rigorous demands of certain marketplaces.
Vu Ba Phu, director of the Vietnam Trade Promotion Agency (VIETRADE) under the Vietnamese Ministry of Industry and Trade, stated at the forum that 2023 is a crucial year for the effective execution of the 2021-2025 economic growth strategy, in which the digitalization of commerce promotion efforts, wider acceptance of technological innovations, and digitization are essential components of the government’s digital expanding strategy.
According to a spokesperson for the German Agency for International Cooperation (GIZ), Vietnamese exports are projected to increase by 6% this year, creating new opportunities for businesses. Delegates evaluated the SRECA endeavor, a 2019-2022 collaboration between VIETRADE and GIZ. The objective of the endeavor is to enhance the capability of trade development and support organizations, cooperatives, and small and medium-sized companies so that they can effectively export agricultural products to China in light of the ASEAN-China deal.