Business

Export growth maintained despite difficulties

Soaring inflation, rising production costs and fluctuation in exchange rates have caused great difficulties for production and import-export activities, and will linger on to the rest of the year, prompting the Ministry of Industry and Trade (MoIT) to give timely responding measures to maintain export growth.
Export growth maintained despite difficulties ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Soaring inflation, risingproduction costs and fluctuation in exchange rates have caused great difficultiesfor production and import-export activities, and will linger on to the rest of theyear, prompting the Ministry of Industry and Trade (MoIT) to give timelyresponding measures to maintain export growth.

According to the General Department of Vietnam Customs, asof September 15, the country had earned 265.34 billion USD from exports, up 17.82%,or 40 billion USD higher than that in the same period last year.

Commenting on the export growth so far this year, ViceDirector of the Import-Export Department under the MoIT Tran Thanh Hai saidthat the early resumption of economic activities and advantages from free tradeagreements (FTAs) have helped domestic firms strengthen exports.

Trade surplus is also a good factor contributing to themaintaining of macro-economic stability and motivating import-export activitiesin remaining months of this year, he said.

Hai held with the current growth pace, the country’simport-export revenue is likely to reach over 700 billion USD, with tradesurplus maintained and export growth surpassing the target set by the NationalAssembly and Government at 7-8% for this year.

However, experts held this may be affected by many factors,especially amid many challenges and risks, including those brought about by theRussia-Ukraine conflict and the downturn of some markets.

Export growth maintained despite difficulties ảnh 2Tra fish processing for export (Photo: VNA)
In that context, State management agencies have worked hardto support the business community, including removing difficulties in exportingfarm produce to China through the border, expanding the markets, and ensuringfood quality and safety.

MoIT Deputy Minister Do Thang Hai said that in the rest ofthe year, the sector will focus on promoting exports and production byassisting domestic firms in accessing market, increasing exports and optimisingFTA commitments.

Besides, through the global value chains, it will seek new markets andencourage businesses to strengthen renovation to make new products./.
VNA
#Ministry of Industry and Trade #export activities #FTAs #import-export revenue #Vietnam #Vietnam news #Vietnam News Agency
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