Tra fish processing in An Giang province (Photo: VNA) Hanoi (VNA) - Despite the difficultiesposed by the COVID-19 pandemic, Vietnam can still reach its annual exportgrowth target of 7-8 percent if market opportunities are optimised, experts havesaid.
Incentives provided under theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)and the EU-Vietnam Free Trade Agreement (EVFTA) are expected to spur productionand exports in the time ahead.
Figures reveal that export revenue inApril stood at 19.7 billion USD, down 18.4 percent against March and 3.5percent year-on-year.
The decline was seen in most groups ofcommodities, particularly the processing industry, which fell 20 percentagainst March to just 16.4 billion USD, and fuels and minerals, which shrank18.6 percent to 247 million USD.
Export value reached 82.94 billion USD inthe first four months of this year, up 4.7 percent year-on-year.
April import revenue, meanwhile, was 20.4billion USD, down 7.9 percent against March and 2.3 percent year-on-year. Thefigure was 79.89 billion USD in the four-month period, a year-on-year rise of2.1 percent.
Vietnam posted a trade deficit of 700million USD in April but a trade surplus of 3.04 billion USD in the first fourmonths of the year - much higher than the 983 million USD recorded in thecorresponding period last year.
Foreign enterprises reported a tradesurplus of 10.17 billion USD while domestic enterprises reported a deficit of7.13 billion USD.
Experts said that after significant growthin the first quarter, trade in April began to feel the effects of COVID-19.
However, the country’s exports are expectedto bounce back in the second half of this year and will continue to be theengine of the national economy if the pandemic can be contained in the secondquarter. Global demand would then be in a recovery stage and Vietnam wouldbenefit from the competitive edge provided by the EVFTA.
The agreement is expected to promoteVietnam’s export to the EU in the years to come, as duties on up to 70 percentof goods will be reduced and import duties on 99.7 percent of tax lines will beeliminated.
The Vietnamese Government and ministriesand agencies have also adopted measures to address difficulties faced byenterprises from COVID-19.
Anothergood sign is the official results of the US Department of Commerce (DOC)’s 15thperiod of review (POR15) which lowered anti-dumping tariffs on tra and basafish imports from Vietnam.
The final anti-dumpingtax rate on local businesses that responded to a questionnaire and cooperatedwith DOC has been set at 0.15 USD per kilogram (equivalent to 3.8 percent ofthe export price) - much lower than the rate set in POR14 of 1.37 USD perkilogram.
Tra fish and basa fishproducts shipped to the US between August 1, 2017, and July 31, 2018, will be subjectto the tax rate.
Most major Vietnamese traand basa fish exporters will continue to enjoy the tax exemption.
To remove difficultiesrelating to exports, the Ministry of Industry and Trade has urged localities,associations, and organisations to step up the application of IT in tradepromotion efforts.
Regarding China, theministry has worked to enhance customs clearance at border gates and ensuretrade activities in border areas./.
VNA
