Vietnam Exporters Face Challenges in Remaining Months This Year

Vietnam is forecast to cope with more difficulties in export activities in the remaining months of this year due to negative impacts of the current global financial crisis, said the Ministry of Industry and Trade (MoIT) at a meeting held by the Government November 18.

 

Total export revenue in November-December is estimated to stand low at US$10.2 billion, raising the country’s expected turnover of nearly US$64 billion for the whole year, which is US$1 billion lower than the early estimate but still being the highest since 1996, said the MoIT.

 

To tackle current challenges, the government requested ministries and agencies to deploy synchronous measures. The State Bank of Vietnam was assigned to continue encourage and assist commercial banks to lower lending interest rates for producers and exporters. The Ministry of Finance was tasked to consider reducing import tariffs on input materials such as seafood, fiber, and polypropylene.

 

The MoIT was asked to coordinate with the Ministry of Agriculture and Rural Development, the Vietnam Food Association, and Vietnam’s Trade Offices abroad to find outlets for rice inventories and seek more partners for local exporters.

 

According to the government’s approved target, Vietnam will try to reap US$72.3 billion from goods exports in 2009, up 13 per cent on-year. (Vietnam Economic Times)