MOIT sets export turnover target for 2016

The Ministry of Industry and Trade (MOIT) has set an export turnover target of 181.5 billion USD for 2016, a 10 percent increase compared with 2015.

The growth rate has been set in the ministry's report on development targets for industrial production and trade activities in 2016.

In the first eight months of this year, the export turnover touched 106.3 billion USD, which was lowered than expected due to a strong decrease in the demand for agricultural, seafood and mineral products.

The foreign direct investment (FDI) sector has been the main momentum for growth, with an export turnover of 74.6 billion USD, up 14.7 percent, while Vietnamese firms contributed 31.7 billion USD, down 2.3 percent. These figures show that local firms still face difficulties.

The ministry said the country should continue to promote market expansion and exports to achieve the target set for 2016.

MOIT will focus on diversifying markets to reduce the risks from depending on some markets, while continuing the negotiations to penetrate new markets.

Vietnamese agricultural and seafood products will need tax reduction and the removal of unnecessary trade and technical barriers to get favourable conditions for exports.

The ministry will raise awareness on the signed free trade agreements in specific sectors. In addition, it will provide information about the negotiations on other FTAs to help businesses take advantage of the opportunities for higher export turnover.

It said the relevant agencies should implement administrative reforms and improve the business environment to facilitate firms' production, trade and exports. Exporters have been asked to actively co-operate with associations as well as large firms in the processing sector and FDI companies to exchange information on exports. This could help to quickly resolve the difficulties faced by domestic businesses.

The ministry had earlier set an export target of 160.3 billion USD for 2015.-VNA