Trade Ministry Eyes Export Turnover of US$31.5Bln This Year

Trade Ministry Eyes Export Turnover of US$31.5Bln This Year

The Ministry of Trade expects Vietnam will achieve total export revenues of US$31.5 billion this year, representing an on-year growth of 19 per cent, compared to the targets of US$30.2 billion and a 16 per cent increase set by the country’s parliament.

During the two-day national trade conference, which opened in Hanoi yesterday, Trade Minister Truong Dinh Tuyen said to reach the export target of US$31.5 billion, the his ministry will utilize all resources for export while devising synchronized solutions and identifying key products to increase export turnover.

Key export products for this year include garments and textiles, footwear, handicrafts, electronic components, rice, coffee, rubber, cashew nuts, fruit and vegetables, seafood and crude oil, he said.

Mr Tuyen added that the government should amend some policies which are no longer valid as the country is moving toward becoming a World Trade Organization (WTO) member.

Regarding the reward policy, for example, he proposed the government to reward exporters for surpassing export turnover targets and obtaining export achievements.

He also underlined the need to develop modern business models in urban areas, boost trade activities in rural areas, and stabilize market prices to avoid sudden price hikes.

In the import area, the trade ministry aims to reach a total bill of US$36 billion, an increase of 14 per cent from a year earlier, and a US$5.5 billion import surplus, accounting for 18 per cent of export turnover in the year.

In 2005, the ministry will also outline domestic market development orientations with a target of reaching VND440 trillion (US$28 billion) in retail and service revenues, an increase of 17 per cent compared to last year.
Econet, Trade