|Goods are transported at Cat Lai Port in HCM City for exports. Viet Nam's dependence on imported input materials for production and exports may also lead to a decline in competitiveness. — VNA/VNS Photo Hoang Hai
HA NOI (VNS) — A lot needs to be done between now and the end of the year to meet the export growth target of 10 per cent, the Ministry of Industry and Trade (MoIT) has said.
The export prices and volumes of many agricultural and mineral products would continue their downward trend, affecting the increase in export value, Nguyen Tien Vy, head of the ministry's planning department, said.
He said domestic companies' exports would continue to see slow growth as major commodities such as agro-products, seafood and minerals were on the decline.
The growth of exports, Vy said, was becoming fragile as they depended too much on large foreign direct investment (FDI) enterprises whose sales could suffer due to unexpected factors.
Viet Nam's dependence on imported input materials for production and exports may also lead to a decline in competitiveness in the event of changes in prices and policies.
Phan Thi Dieu Ha, deputy head of the department of imports and exports, said as domestic enterprises' exports fall, it would be necessary to focus on administrative reforms to take advantage of free trade agreements.
Vy said traditional markets such as Southeast Asia, East Asia, China and Australia, as well as the United States, the European Union, Russia and East European countries, besides Canada and India would gradually expand.
According to a MoIT report, the export value in the first eight months of this year reached US$106.3 billion, up nine per cent against last year, with Vietnamese firms contributing $31.7 billion, down 2.3 per cent, and FDI firms, $74.6 billion, up 14.7 per cent.
In the eight-month period, Viet Nam's import surplus reached $3.6 billion, equal to 3.4 per cent of the total export value.
VN's trade surplus with US hits $14.56b
Viet Nam witnessed a trade surplus of US$14.56 billion with the US in the past seven months, according to the latest statistic from the General Department of Customs.
During this period, Viet Nam exported goods worth $18.86 billion, while its imports had reached more than $4.3 billion. As per these figures, the US remained Viet Nam's largest export market among 200 countries and territories that it had established trade partnerships with.
Of the 40 items exported to the US, textiles and garments posted the highest export turnover at approximately $6.3 billion, accounting for 33.4 per cent of Viet Nam's total export value.
Four other products which witnessed a turnover of at least $1 billion included footwear at $2.36 billion, telephones and components ($1.53 billion), and computers, electronics and spares ($1.5 billion), in addition to wood and wooden goods ($1.45 billion).
Viet Nam, meanwhile, had imported 43 kinds of goods from the US including phones and spares which recorded the highest import value of $842.8 million, machines, equipment and components (over $587 million) and cloth ($527 million).
Excluding the influence of TPP, the bilateral trade between the two countries could amount to $51.4 billion by 2020, the Government's news website chinhphu.vn quoted the American Chamber of Commerce in Viet Nam (AmCham) as saying. — VNS