Export growth 50% of target


HÀ NỘI – The country’s total export turnover in the first seven months of the year was US$96.83 billion, representing an annual increase of 5.3 per cent, said Dương Duy Hưng, director of the Ministry of Industry and Trade’s Planning Department.

However, the growth of total export turnover in this period was much lower than that of 9.2 per cent in the same period last year, meeting only half the target.

Hưng told a meeting in Hà Nội yesterday that the total export turnover in July was $14.7 billion, 0.2 per cent less than the previous month. July exports by the agro-forestry and fishery sector rose only 0.1 per cent from June. In addition, the processing industry has not maintained its high growth rate of previous years, with a turnover drop of 0.9 per cent compared to June.

“The declining export prices have been the main reason for the decrease of the manufacturing sector,” he said.

The country’s import turnover last month was also 1 per cent lower than June’s. In the January-June period, the total import turnover reached $95.03 billion, posting a 0.9 per cent year-on-year decrease.

Việt Nam saw a trade surplus of $1.8 billion in the first seven months of 2016, equal to 1.9 per cent of the total export turnover.

Deputy minister Hoàng Quốc Vượng said the country would be hard pressed to meet the targeted export growth rate of 10 per cent for the whole year barring breakthrough solutions.

Vượng asked the industry and trade sector to focus on providing solutions to ease difficulties for business, thus promoting exports.

“The industry and trade sector has contributed 60 per cent of GDP for the country. The sector should make great efforts in the year-end months,” he added.

Minister Trần Tuấn Anh also asked departments to review regulations relating to export procedures to facilitate exports. He urged relevant agencies to enhance trade promotion in order to find new markets.

Source: Vietnam News

Photo: CBR Investment AG