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Vietnam aims for US$31.5 billion export target

Wood products - Vietnam's key export item

Since the beginning of this year, Vietnam’s export turnover has increased by nearly 19 percent over the same period last year, equivalent to the yearly set target’s average increase, according to the Ministry of Trade (MoT). This is a positive sign for the export market, as input materials and goods supplying sources have been experiencing negative fluctuations.

Price hikes in key products have added impetus to export growth and, in the meantime, export volume of many products has fallen. Therefore, the country’s total export volume remains low. This demonstrates that the high growth rates achieved in exports have not been sustainable due to weak competitiveness of products and high cost of inputs.

To realise the target of earning US$31.5 billion in 2005, Vietnam’s export turnover must surpass US$11 billion in the remaining months of the year. This means that the country’s export turnover must reach nearly US$3 billion per month on average. Achieving such figures is a heavy task, as there are many difficulties in export markets and material supplying sources.

Hence, the MoT has asked enterprises and associations to co-operate with functional bodies to strictly monitor price changes for key products on the global market so as to have flexible and effective management and sell products at the best prices.

It is essential to create favourable conditions to boost the export of key products, such as seafood, garments and textiles and footwear, in order to achieve the highest export turnover in the current conditions. At present, the export volume of major products in 2005 is higher than last year, but it is still lower than expectations. From now to the end of this year, there will be many difficulties when shipping these products to foreign markets, the ministry said.

Economists said that enterprises should boost the growth rates of key export items including wood products, where Vietnam gains the upper hand. Since January this year, the country has earned more than US$840 million from wood products, fulfilling over 60 percent of the set target for the whole year. It is predicted that the wood sector will pass the US$1.4-billion mark in 2005.

In addition, it is necessary for enterprises to boost the export of major products and seek co-operation opportunities with large trade partners, thus helping the country to further penetrate the international market.

In the short-term period, the MoT asked the Prime Minister to promote export assistance credit policies to create more favourable conditions for domestic exporters.

Based on proposals by the MoT, the Government has urged the MoT, the Ministry of Finance and the Ministry of Planning and Investment to announce the list of export items enjoying preferential loans in 2005 and 2006 as soon as possible.

VOV - (03/10/2005)

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