Illustrative image (Source: VNA)

Much needs to be done from now through the end of the year to meet the export growth target of 10 percent, according to the Ministry of Industry and Trade (MoIT).

The export price and volume of many agricultural and mineral products will continue their downward trends, affecting the increase of export value, Nguyen Tien Vy, Head of the ministry’s Planning Department, said at a meeting in Hanoi on September 3.

He said domestic companies’ exports will continue to see a slow growth pace as major commodities such as agro-products, seafood and minerals are on the decline.

The export growth, according to Vy, is becoming fragile for relying too much on big foreign direct investment (FDI) enterprises whose sales can suffer from unexpected factors.

Besides, Vietnam’s dependence on imported input materials for production and export may lead to a decline in competitiveness in the event of changes in prices and policies.

Phan Thi Dieu Ha, Deputy Head of the Department of Imports and Exports, said as domestic enterprises’ exports decrease, it is necessary to focus on administrative reforms to take advantage of free trade agreements.

Vy said traditional markets such as Southeast Asia, East Asia, China, Australia, the United States, the European Union, Russia and Eastern Europe countries, Canada and India will gradually expand.

According to a report from the MoIT, the export value in the first eight months reached 106.3 billion USD, up 9 percent against last year. Of which, the domestic sector contributed 31.7 billion USD, down 2.3 percent; and the FDI sector, 74.6 billion USD, up 14.7 percent.

In the eight-month period, Vietnam’s import surplus reached 3.6 billion USD, equal to 3.4 percent of the total export value.-VNA