Foreign trade experienced difficulties as exports of many keycommodities tumbled in the first quarter of 2015, according to theMinistry of Industry and Trade (MOIT).
Exportturnover reached 35.67 billion USD, up 6.9 percent from the same periodlast year but below the quarterly target of 10 percent set by thesector. The figure fulfilled 21.6 percent of the state’s yearly target,the Ministry said.
Vietnam shipped 4.25 billionUSD worth of agricultural and seafood products abroad, an annualdecrease of 15.8 percent, due to the fall of several key export revenuegenerators including seafood, coffee, rubber and rice (with decreases ofover 30 percent), costing the country 500 million USD during theperiod.
The contraction was triggered by theabsence of major contracts from Vietnam’s key buyers early this year,such as China, the Philippines, Indonesia and Malaysia, explained MOITDeputy Minister Tran Tuan Anh.
Seafood exportssuffered as a consequence of high anti-dumping tax rates imposed by theUS coupled with the strengthening of the US Dollar.
Exports of minerals and fuels dropped 37.2 percent from 2014 to 1.35billion USD. Turnovers of crude oil and petrol plunged by 48.9 percentand 36.7 percent respectively, following their weakening price, whilstcoal exports fell a significant 78.6 percent in volume
However, exports of industrial commodities were on the rise withphones & components, textiles & garments, footwear, machines andbags witnessing higher growth rates than national averages.
To solve the downturn, Tuan Anh urged the sector authorities tosupport domestic businesses in improving their competitiveness to fullytap the potential brought about by already inked and upcoming free tradeagreements such as those with the European Union, the Republic of Koreaand Chile alongside the impending Trans-Pacific Partnership (TPP)Agreement, and the formation of the ASEAN Economic Community by the endof this year.
The sector should increase itsmarketing efforts and work closely with overseas trade promotionagencies to provide domestic businesses with accurate marketinformation, research ways to spur business development and quicklysettle international trade disputes negatively affecting the interestsof Vietnamese enterprises, he added.-VNA
Exportturnover reached 35.67 billion USD, up 6.9 percent from the same periodlast year but below the quarterly target of 10 percent set by thesector. The figure fulfilled 21.6 percent of the state’s yearly target,the Ministry said.
Vietnam shipped 4.25 billionUSD worth of agricultural and seafood products abroad, an annualdecrease of 15.8 percent, due to the fall of several key export revenuegenerators including seafood, coffee, rubber and rice (with decreases ofover 30 percent), costing the country 500 million USD during theperiod.
The contraction was triggered by theabsence of major contracts from Vietnam’s key buyers early this year,such as China, the Philippines, Indonesia and Malaysia, explained MOITDeputy Minister Tran Tuan Anh.
Seafood exportssuffered as a consequence of high anti-dumping tax rates imposed by theUS coupled with the strengthening of the US Dollar.
Exports of minerals and fuels dropped 37.2 percent from 2014 to 1.35billion USD. Turnovers of crude oil and petrol plunged by 48.9 percentand 36.7 percent respectively, following their weakening price, whilstcoal exports fell a significant 78.6 percent in volume
However, exports of industrial commodities were on the rise withphones & components, textiles & garments, footwear, machines andbags witnessing higher growth rates than national averages.
To solve the downturn, Tuan Anh urged the sector authorities tosupport domestic businesses in improving their competitiveness to fullytap the potential brought about by already inked and upcoming free tradeagreements such as those with the European Union, the Republic of Koreaand Chile alongside the impending Trans-Pacific Partnership (TPP)Agreement, and the formation of the ASEAN Economic Community by the endof this year.
The sector should increase itsmarketing efforts and work closely with overseas trade promotionagencies to provide domestic businesses with accurate marketinformation, research ways to spur business development and quicklysettle international trade disputes negatively affecting the interestsof Vietnamese enterprises, he added.-VNA
