Vietnamese export revenue likely to hit $200 bn in 2017

Economy July 17, 2017 01:00

By Viet Nam News
Asia News Network

Vietnam is likely to reach total export turnover of US$200 billion (Bt6.8 trillion) for 2017, increasing more than 13 per cent from last year and exceeding the set target, deputy minister of Industry and Trade Do Thang Hai claimed at a meeting in Hanoi yesterday. 

Hai said that exports of garments, footwear and wooden products will enjoy substantial increases in the second half of the year. 

In stark contrast, imports are forecast to taper off as most equipment firms plan to buy was purchased at the beginning of the year. Import value is estimated at $205 billion. 

The country’s trade deficit is estiฌmated at $5 billion, or 2.5 per cent of export turnover and lower than the National Assembly’s goal. 

To realise the objective, the minฌistry is focusing on addressing difficulties for exporters, promoting market information to tackle market barriers and popularising free trade deals. 

Hai said that various measures will be implemented to support domestic enterprises in meeting quality standards of importers and increasing the value of export products, especially agroforestry-fishery goods. 

The ministry also plans to help farm produce enter new markets and to tighten management of importexport activities for the rest of the year.

He added that the ministry will work to tackle businesses’ difficulties through tax and fee policies to help them reduce costs, helping them develop markets and compete with imported products.

In addition, the ministry will review delayed projects to bring them into operation as soon as possible.

“The Ministry of Industry and Trade [MoIT] will create a competitive market to protect local production, especially steel, automobile, fertiliser and chemical sectors,” he added.

The deputy minister said the predicted growth rate of more than 8 per cent in the last months of the year would be driven by the processing and manufacturing sectors.

The mineral exploitation industry was expected to see difficulties due to weather conditions and low market demand and exports, he said.

MoIT and Vietnam’s overseas representative office jointly promote trade

Minister of Industry and Trade Tran Tuan Anh expected that the heads of Vietnam’s representative offices under the Ministry of Foreign Affairs will seek pork consumption markets to help animal breeders overcome plunging prices.

Anh made the statement in a meeting with heads of Vietnam’s representative offices in Hanoi yesterฌday, saying the offices should provide information to help the ministry build mechanisms and policies to develop sustainable production and export chains.

Vietnam has not built a value chain despite having 21 exported products with value of more than $1 billion each. Its exports therefore are not sustainable.

He hoped that the heads of the offices would pay attention to increasing export value in the country’s two main export markets of the US and EU. In addition, they were urged to seek exports to China.

He expected the offices to supฌport the ministry in resolving difficulties.