Viet Nam keeps goal of export value growth at 7.5% in 2019

Saturday, Aug 10, 2019 08:22

Processing shrimp for export. Viet Nam met goals of export value growth at 7.5% in 2019. — Photo

The Ministry of Industry and Trade would not adjust its import and export goals despite current difficulties.

Instead it would find the most effective solutions to achieve export growth of 7-7.5 per cent as proposed, Industry and Trade Minister Tran Tuan Anh said in the meeting on Wednesday.

The minister requested in the last months of the year that the Department of Import and Export must research and build scenarios for export markets and industries as well as find solutions for export enterprises.

In addition, the department would coordinate with the Trade Protection Department to re-evaluate goods that have risks relating to trade defence cases and then coordinate with partners to fix problems.

It must also coordinate with associations and industries to review export markets with a decline in value and find out why there was a reduction.

It must also look closely at the importation of cars and sugar, he said.

Phan Van Chinh, Director of the Import and Export Department said the seven-month export value reached $145.1 billion, about $1 billion lower than targets.

According to the ministry’s goals, the total export value for this whole year will reach about $262 billion, up 7 - 7.5 per cent year on year. So from now until the end of the year, the average monthly export must reach about $23.2 - 23.4 billion.

“This is considered a difficult task because for the first time, Viet Nam's export reached $23 billion in August 2018,” Chinh said

“Meanwhile, down trend in the current economic and trade development on the world market is not considered a disadvantage for Viet Nam to accelerate the exports by this year end.

“However, with efforts in expanding markets, enhancing trade promotion and increasing exports from the Government, ministries and businesses, the nation expects to achieve its goal in export growth rate at 7-7.5 per cent for this year.”

To Ngoc Son, deputy head of the Asian and African Market Department under MoIT said China yuan devaluation could push the trade conflict between this country and the US into a currency war, which has a greater impact on the world market than the trade war.

Tension between Japan and South Korea began which could cause concerns in manufacturing industries and might have a knock-on effect with other businesses.

"These countries are important trading partners of Viet Nam so they may affect exports," Son said.

For farming exports, the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development need to cooperate in market information and production planning, to avoid oversupply.

Minister Tran Tuan Anh pointed out the export value in the first seven months increased by 7.5 per cent, a high growth rate.

This was due to efficiency from the international economic integration and administrative procedure reform, creating a good environment for businesses. The ministry has also developed legal documents on goods origin and anti-fraud of goods origin.

During the first seven months, the country earned $145.13 billion from shipping goods abroad, a year on year increase of 7.5 per cent.

The growth in export value was mainly contributed to by 24 goods with a turnover of more than $1 billion. These staples accounted for 88.1 per cent of the nation’s total export revenue. — VNS

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