Gov't eyes diversified exports

The Ministry of Industry and Trade (MoIT) said that Vietnam could achieve its export value target of US$165 billion for this year, an increase of 10% against last year, but the ministry has recognised that the nation has unreasonable structure of export products.

In fact, Vietnam's structure of export products lacked balance because they are mainly manufactured by foreign direct investment (FDI) enterprises which account for two-thirds of the total export volume.

MoIT Deputy Minister Tran Tuan Anh said the important factors were the ability and long term strategies of local enterprises in building brands based on production cost and quality, and the ability to meet the standards in export markets.

The local enterprises must enhance their competitive edge while approaching export markets and build a reasonable market strategy based on their ability in production and business, Anh said.

Vietnam should also seek new export markets and not just new products. The nation has signed many bilateral and multilateral free trade agreements so it would have more favourable opportunities to expand its export markets, according to the ministry.

Even though the ministry's relevant bodies have so far reduced administrative procedures to ease enterprises, the ministry admitted that local enterprises still needed more policies to solve their problems with regard to production and business./.

Source: VNS