Export Value Likely to Rise 20 Percent

Implementing Government Resolution 11/NQ-CP dated February 24, 2011 on “major solutions to curb inflation, stabilise macro economy and ensure social security” and Decision 14/QD-UBND March 4, 2011 of the Bac Lieu Provincial People's Committee on action plans for implementing Resolution 11/NQ-CP, importation and exportation of business in Bac Lieu province still faced difficulties. But, the province has managed to keep positive export growth in the first months of 2011 thanks to the determination of authorities and effective business measures of exporters. Total value of exports reached US$122.08 million in the first five months, up 41.84 percent year on year, of which export turnover was US$101.34 million, up 36.83 percent year on year. The value of key exports leaped, with frozen seafood rising 20.62 percent and rice climbing 3.99 percent. As long as this growth momentum is maintained, Bac Lieu province is likely to fulfil and even beat this year’s targeted export revenue of US$240 million, up 20 percent.

 

The province’s import and export activities in 2011 are primarily affected by adverse external factors, like slow global economic recovery, shrinking import demand in many countries, more technical barriers to Vietnamese exports, and unexpected difficulties in major importing countries like earthquakes and tsunamis in Japan. Export contracts have fallen, while importers are imposing stricter requirements on imports. In addition, Vietnamese exporters still have to face numerous difficulties like capital shortage, exorbitant lending rates, soaring input costs, raw material shortage, insufficient skilled labourers, low competitiveness of exports, and slowly expanded export markets.

 

Since the beginning of this year commodity prices kept rising, a common situation throughout the country, with higher fuel prices, electricity prices, coal prices, gold, and US dollars, among others. To deal with this situation, the Bac Lieu Department of Industry and Trade has adopted effective measures for market price stabilisation like instructing businesses to exercise economy; reducing production expenses to lower selling prices; guiding trading companies to focus on cheapest sources of goods, particularly high-quality Vietnamese products; preventing trade fraud, speculation and rumour peddling which might confuse consumers into collecting illicit profits, and forcing traders to quote and tag prices. Besides, the province encourages all economic sectors to invest in business and production to create more low priced and high quality products for the market.

 

With good market management activities, the market in Bac Lieu province remains stable while complex developments are happening in many localities. Acts such as smuggling, and the production and circulation of counterfeit or substandard goods are inhibited, while commercial fraud is kept in check under the law. In 2011, Bac Lieu province continues effectively directing the Market Management Department to coordinate with other agencies to strengthen market inspection and control to prevent and reverse acts of smuggling, production and trading of faked and substandard goods, and trade fraud, to stabilise the market and promote healthy production and business development.