The crunch in lending capital and taxes is a major contributor to the sharp export decline in terms of both volume and value, stated the Ministry of Industry and Trade (MoIT) at a meeting in the city of Can Tho on March 24.

According to the Export and Import Department under the MoIT, as of March 19 this year, Vietnam has exported 535,571 tonnes of rice valued at 236 million USD, down 41.3 percent in volume and 40.5 percent in value.

The country shipped 1.28 billion USD worth of seafood from the beginning of the year, representing a decrease of 19.8 percent from the same period in 2014, according to the department.

In order to counter the declining trend, the department asked provinces to effectively implement credit and tax policies including rescheduling and restructuring the debts of households, farm owners, and cooperatives.

Provinces have been asked to strictly monitor the quality of farm produce and seafood, effectively manage and plan material areas and boost trade promotion in traditional markets like the United States, the European Union, and Japan.-VNA