Exports have seen solid growth for four consecutive months. (Photo: VietnamPlus) Hanoi (VNA) – The target of 6% growth in export value this year can be achieved with the proactive efforts made by the Government along with ministries, agencies, and businesses, said Deputy Minister of Industry and Trade, Do Thang Hai.
Export growth in the first eight months of this year helped the country enjoy a trade surplus of nearly 20.2 billion USD, Hai said at a press conference held by the Government Office on September 9.
He cited data released by the General Statistics Office which shows that Vietnam shipped 32.37 billion USD worth of goods abroad in August, up 7.7% month-on-month, marking the 4th consecutive month of growth.
Specifically, exports in May increased by 4.3% compared to April while that in June and July up by 4.5% and 0.8%, respectively, from the previous month. Notably, earnings by the domestic economic sector reached 8.43 billion USD, a month-on-month increase of 8.7%, while that of the FDI sector (including crude oil) hit 23.94 billion USD, up 7.3%.
Deputy Minister of Industry and Trade Do Thang Hai speaks at the press conference. (Photo: VietnamPlus) Robust growth was seen in the export of key products including computers, electronic products and components (8.7%), telephones and accessories (16.8%), and footwear (3.3%).
He attributed the growth to support policies from the Government and efforts of the business community, along with a decrease in inventory in countries that are key export markets of Vietnam.
For example, the US’s inventory declined to 10% in August from 20% in the first six months of 2023, Hai noted, saying this is an opportunity for Vietnam's exports in the US market.
According to the deputy minister, although there have been many positive signals, the world economy remains unpredictable. Inflation has leveled off but is still at high levels in many countries while the geopolitical situation is still complicated, affecting the global supply chain and input material prices.
It is expected that exports can recover by the end of this year as Vietnamese businesses have built up their resilience and are very proactive and flexible in production and business activities, he said.
The deputy minister emphasised that the projected export growth rate of 6% is a challenge but it is feasible thanks to a proactive Government, along with flexible ministries, agencies, localities and businesses.
To achieve that goal, solutions should be rolled out to support businesses as well as to remove obstacles, reduce costs, and help build momentum toward exports, he said.
The Ministry of Industry and Trade will coordinate closely with localities and representative agencies abroad to promote market development and trade promotion, especially in countries that have large export turnover with Vietnam. Businesses will receive assistance to take advantage of free trade agreements.
The Ministry of Industry and Trade will guide businesses to connect with supply chains through trade promotion events. (Photo: VietnamPlus) At the press conference, Minister-Chairman of the Government Office Tran Van Son said that to create growth momentum in the remaining months of this year, the Prime Minister requested agencies to continue implementing proactive, flexible, timely, and effective monetary policy, enhancing access to capital, promoting credit growth in priority areas and helping businesses boost production and export.
Attention should be paid to removing difficulties and promoting the recovery of industrial production, with a focus on the manufacturing and processing industry and reviving the supply chain, along with accelerating the progress of large-scale and high-tech projects, he said./.
