Export value likely to jump 16 per cent in 2010

The Industry and Trade Ministry estimates the value of exports will jump 15.6 per cent to US$66 billion this year against 2009.

But it warns that the promotion of exports during the next six months will be difficult because of the fragile world economy.

The ministry forecasts exports value of $33.5 billion during the second half of the year at a monthly average of $5.59 billion.

Exports from the agriculture, the fisheries and processing industries will continue to grow to higher export value than the first half, it says.

The likely rate is 10 per cent for agriculture and fisheries and 22 per cent for processing.

The export value of fuel and minerals will fall an estimated 3.8 per cent due to lower coal and crude oil exports.

Measures

The ministry lists numerous measures to meet the target of 6 per cent growth in export value by December 31.

Deputy Industry and Trade Minister Nguyen Thanh Bien said the first should be the removal of obstacles and for the State to support increased exports of agriculture, forestry and fisheries produce.

The ministry would boost its support of trade promotion and inform cities and provinces about the possibility of exporting in accordance with free-trade agreements.

The ministry’s import-export department director, Phan Van Chinh, said the target of 12 per cent growth in export value for 2010 could be met if enterprises took advantage of the free-trade agreements.

The trade promotion department and the competitive management authority would increase trade promotion and find ways to abolish trade barriers to Viet Nam’s goods, he said.

This would help exports penetrate into new markets and increase share in existing markets.

The ministry would work with other ministries and economic sectors to help enterprises raise capital for production, especially exports.

Trade deficit

Imports would also be curbed to reduce the trade deficit.

The ministry estimated that the value of imports for the year would total $76-77 billion and the trade deficit $10-11 billion.

Economists argue that if enterprises do not switch to made-in Viet Nam materials to reduce imports, the State will find it difficult to limit the deficit.

The General Statistics Office’s National Account Department director Bui Ba Cuong said the import consumption was the cause of the deficit and the State must be careful about the measures it introduced.

The majority of imports were machines, equipment and materials for production.

If the State were to control the import of these goods, production would be harmed, he said.

Policy makers should find measures to control the trade deficit without affecting production. – VNS

Tags: Vietnam export turnover, Vietnam exports