Minister of Industry and Trade Tran Tuan Anh asks relevant agencies not to adjust any criterium, striving to work out the best measures to achieve the set export growth target. (Photo: Duc Duy/VietnamPlus)

Hanoi (VNA) 🎃– Minister of Industry and Trade Tran Tuan Anh has directed relevant agencies to coordinate and implement the most effective solutions to ensure the achievement of export growth targets set out at the beginning of the year.

Growth under difficult circumstances

According to the Ministry of Industry and Trade, the country’s export turnover reached 145.13 billion USD in the first seven months of 2019,  a year-on-year rise of 7.5 percent.

The processing industry continued contributing to the export growth, while the agricultural, aquatic, fuel and mineral products are likely to decrease.

Phan Van Chinh, Director of the Import and Export Department under the Ministry of Industry and Trade, said the import-export activities in 2019 are proceeding as forecast by the ministry.

Earlier, the ministry anticipated the export growth of 6-8 percent, Chinh said, adding that the seven-month growth of 7.5 percent was positive in the context of increasing trade disputes between the US and China and the devaluation of Chinese currency.

Statistics showed that after seven months, 24 export items recorded a turnover of over 1 billion USD.

The export turnover of domestic businesses rose by 12.2 percent compared to the same period last year, higher than that of the foreign direct investment (FDI) firms, thanks to growth in industrial products such as wood and garment-textile.

The aforesaid outcomes illustrated the country’s efforts to improve business environment and international integration, facilitating the operation of businesses, especially in the industrial production.

Since the beginning of this year, despite having a trade deficit for a few months, Vietnam has maintained a trade surplus in the seven-month period.

The export turnover to markets having free trade agreements (FTAs) with Vietnam recorded good growth such as Japan (8.9 percent), the Republic of Korea (4.7 percent), and the Association of Southeast Asian Nations (ASEAN) (5.6 percent).

꧃ Vietnam’s exports to new markets in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) like Canada and Mexico also increased by 32.9 percent and 23.43 percent, respectively.

Source: VietnamPlus

What are opportunities for the remainder of the year?

Despite notable outcomes, the export activities in the first seven months of the year still revealed some restrictions, including the reduction of the export turnover to China and the EU. 

The export turnover of six out of the nine key agricultural products declined compared to the same period last year.

To reach the annual growth goal of 7-7.5 percent, the average export turnover must reach about 23.2 – 23.4 billion USD in the following months. This is a hard nut to crack, Chinh said, adding that the current world economic and trade situation is not favourbale for Vietnam to accelerate exports in the remainder of the year.

However, with the efforts of the Government, ministries and businesses to expand markets and promote trade, the export target is expected to be achieved, he said.

To Ngoc Son, deputy head of the ministry’s Asia-Africa Market Department, suggested strengthening coordination with the Ministry of Agriculture and Rural Development in updating market information for businesses and farmers, and restructuring production to avoid oversupply of some farm produce. 

Minister of Industry and Trade Tran Tuan Anh discusses with relevant agencies on import-export situation in January-July. (Photo: Duc Duy/VietnamPlus)

Trinh Anh Tuan, Deputy Director of the ministry’s Department of Competition and Consumer Protection, said since most of domestic businesses are operating in small and medium scales, it is necessary to strictly control the quality of imports.

Minister of Industry and Trade Anh took note of the seven-month outcomes and asked the Import and Export Department to build an import-export scenario for markets and industries as well as put forth appropriate solutions for businesses and localities.

🌠 He also requested the department to coordinate with the ministry’s trade defence department to deal with trade defence measures from other markets./.