Vietnam keeps goal of export value growth at 7.5 percent in 2019

Processing shrimp for export. Vietnam met goals of export value growth at 7.5% in 2019 - Source: thegioihoinhap.vn

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 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 US$145.1 billion, about US$1 billion lower than targets.

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

“This is considered a difficult task because for the first time, Vietnam's export reached US$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 Vietnam 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 percent 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 the Republic of 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 Vietnam 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 percent, 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 US$145.13 billion from shipping goods abroad, a year on year increase of 7.5 percent.

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