Last updated: Thursday, February 21, 2019


VCCI’s Support Programme Powers up Exporters

Posted: Wednesday, July 25, 2018

Looking on the bright side, the United States-China trade war will be an opportunity for developing countries, including Vietnam, as said experts at the Seminar on Supporting Exporters in Vietnam, hosted by the Vietnam Chamber of Commerce and Industry (VCCI).

“Miraculous 2017” and “Year of Joy” are among the words spoken by Dr Tran Dinh Thien, President of the Vietnam Institute of Economics, to describe Vietnam’s economic achievements last year, highlighted by GDP growth, export growth and FDI value, thus adding new momentum for the economy. 2017 is also the year in which the role and impetus of private economic growth started to be confirmed clearly and contribute significantly to breakthrough economic growth. “Vietnam's growing economy needs stronger momentum to leap forward. No one else but the private sector will provide this boost,” he said.

Speaking of Vietnam’s export prospects, Dr Thien said that the US-China trade war and the US-G7 trade disputes are producing negative impacts on the global economy. The United States and China are the two largest trade partners of Vietnam, so the Southeast nation’s economy will be strongly influenced. In the first six months of 2018, Vietnam took a trade surplus of US$2.75 billion, but a trade deficit will be very likely to incur in the remaining six months as a result of the US-China trade war. However, on the positive side, it could also be a good thing for certain markets in Asia, as companies look for alternative supply sources beyond the US and China. If Vietnam has highly competitive goods and knows how to make good use of every opportunity, it can increase exports to both the US and China.

Giving further evidence to the “Miraculous 2017" by Dr Tran Dinh Thien, Mr Nguyen Viet Hung, representative of the Information Technology and Customs Statistics Department under the General Department of Vietnam Customs, said that 2017 saw an export record of US$215.1 billion, an increase of 21.6 per cent over 2016. In the first six months of 2018, the country’s trade value reached US$225.02 billion, of which US$114.19 billion came from exports, up 16.3 per cent year on year. Trade surplus amounted at US$3.36 billion in the period. The customs sector forecast that the country's trade turnover will be at US$475 - 447 billion in 2018 with trade surplus reaching US$4.5-5 billion.

In order to facilitate exporters, customs authorities should focus on reforming and modernising customs towards international standards; accelerate information technology application to automatic management of customs; and encourage the delivery of online public services together with e-customs completion in the coming time, he said. In the 2018 – 2020 period, Vietnam Customs will build a mobile platform to connect with enterprises and to provide customs service for enterprises at any time, any place and on any applicable means. In 2018, customs authorities will continue to cooperate with commercial banks to connect and expand the 24/7 electronic tax payment and customs clearance scheme, thus facilitating enterprises to pay taxes and fees.

Dr Doan Duy Khuong, VCCI Vice President, said, despite impressive export growth of many commodities in recent years, marketing remains the weakest stage of domestic firms, especially for small and medium-sized enterprises (SMEs). "Insufficient and weak market forecast, inadequate information about potential competitors and importers, high production costs plus insufficient exporter support services are substantial barriers to businesses in expanding markets and increasing export value," he added.

To help businesses jump over these barriers, from now to 2020, VCCI will launch a lot of programmes to support importers and exporters in both short and long terms, namely providing online import-export information through the portal, organising export promotion events, strengthening linkages between domestic and foreign companies, hosting seminars for industry experts to seek export support solutions for businesses, said Vice President Khuong. All these activities are designed to support enterprises to increase their export value, expand their production and business to take full advantage of free trade agreements and, at the same time, save on investment costs for international market penetration.

Also at the seminar, VCCI and Orient Commercial Bank (OCB) signed a cooperation agreement to accelerate the Exporter Support Programme in Vietnam. Accordingly, OCB is the executive bank partner to support financial services and provide preferential trade finance for importers and exporters that join the programme.

Ms Tran Thi Mai An, Director of the Trade Finance Centre, OCB, said, supporting exporters, especially SMEs, to access financial services and export/import credit is always a top priority of OCB. In order to effectively implement the programme, OCB has launched many packages with reasonable interest rates to facilitate exporters. In addition, the bank will also support businesses with international payment methods that are most convenient and effective, to help them improve their competitiveness on the international arena.

My Chau

Other news

Vietnam Export Gateway
Sunny World Property Development Corporation
Tong cu DL