Vietnam Striving for US$72 Bln Export Value in 2009, up 13 per cent

The Ministry of Industry and Trade (MoIT) has mapped out a number of measures to boost exports with a view to realize the National Assembly’s set export target of US$72 billion in 2009, up 13 per cent on-year amid the on-going global economic downturn.

 

The MoIT suggested measures to support production and exports such as reducing benchmark interest rate in Dec, to apply suitable interest rate adjustments in 2009, and encourage commercial banks to boost lending for exporters with preferential interest rates.

 

The ministry also proposed other export assistance methods like supporting farmers in line with WTO commitments, fostering trade promotion and export market expansion.

 

To narrow trade deficit next year, the ministry will continue applying automatic import licensing to control consumption goods, announce the list of imports to be pay tax right after customs clearance, and develop production of competitive products.  

 

Specially, the ministry and the government will speed up early signing of bilateral and multilateral agreements facilitating export activities and helping reduce trade deficit.

 

According to the MoIT’s estimate, Vietnam will rake in between US$63.5 billion and US$64 billion from exports this year, up 30.8 per cent-31.8 per cent on-year and import around US$82 billion, up 31 per cent. The country’s trade deficit will stand at US$18 billion-US$18.5 billion, equaling to 28.1 per cent-29.2 per cent of the total export value and fulfilling the NA’s set target. (Trade & Industry)