Hanoi (VNA)𓆏 – The Ministry of Industry and Trade is enacting measures to remove bottlenecks for exports in the remaining months of 2016.
According to Deputy Minister Hoang Quoc Vuong, export turnover reached 96.83 billion USD between January-July, up 5.3 percent over the same period last year.
However, this increase is much lower than the yearly target of 10 percent that the National Assembly has set, he said, adding that the export growth is likely to stand at only 8 percent for the whole year if prompt measures are not implemented.
Phan Thi Dieu Ha, a representative from the ministry’s import-export department, explained that the unfavourable weather conditions such as drought and saltwater intrusion along with the unpredictable development of global crude oil prices have significantly affected farm produce.
It is also the case that import countries are increasing commercial protection measures and technical barriers to make it difficult for foreign exporters to enter their markets, she said.
The restructuring of local agro-forestry-fisheries production is still at a small-scale, while processed industrial goods – the biggest contributor to export growth, showed a decline over the same period last year, she noted.
To address these problems, the Ministry of Industry and Trade has reviewed and adjusted incompatible legal documents and called on businesses to make use of free trade agreements (FTA).
The ministry’s import-export department is building a specific project for farm produce as this commodity is the most sensitive to market impacts.
The ministry will have a working session with the Ministry of Agriculture and Rural Development on August 11 to put forth practical measures to balance local production for exports to key markets where Vietnam is facing difficulties.
Deputy Minister Vuong said the ministry will mull over regulations relating to import-export procedures as well as improve administrative reform and promotion activities.
He confirmed that the ministry will promulgate policies to enhance production so as to increase export value.
The signing of several FTAs this year, particularly the Trans-Pacific Partnership (TPP) agreement and the Vietnam-EU free trade agreement, is expected to open up new opportunities for Vietnamese exports, he said.-VNA
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Processing farm produce for exports (Photo: VNA)
