Containers transporting agricultural products to China via Kim Thanh International Border Gate No 2. (Photo: VNA) Hanoi (VNS/VNA) - Online trade connections between Vietnamese firms and importpartners were being increased together with trade promotion activities toaccelerate post-pandemic export, Deputy Minister of Industry and Trade Do ThangHai said.
Vietnam’s trade slumped in April because of COVID-19 after posting positivegrowth in the first three months of this year.
Statistics showed Vietnam’s export revenue last month dropped by 18.4 percentagainst March to 197 billion USD, a 3.5 percent decrease over the same periodlast year.
Vietnam saw declines in April to all major export markets including ASEAN whichwas down 20 percent against March, China by 2.9 percent, Japan by 9.3 percent,the Republic of Korea 13.7 percent, Europe by 28.6 percent and the US 24.1 percent.
The Ministry of Industry and Trade predicted the impact of the pandemic wouldbe more apparent in the second quarter of this year because from mid-March theUS, EU and Japan were hit hard by the virus.
According to the ministry, COVID-19 affected Vietnam’s export in five main ways.
The first was a sharp drop in demand for goods. Since March, when the diseasehad a serious global effect, measures were taken to control the spread.
Many import partners postponed planned orders for April and May and had notbegun negotiations for orders from June onwards.
Other aspects were restrictions in trade exchanges, slowness in customsclearance due to quarantine requirements and cancellations which put companiesunder a lot of pressure.
Falling prices also negatively affected Vietnam’s export. For example, cashewprices fell by 12.9 percent, coffee by 2.2 percent, tea by 13.1 percent, pepperby 19 percent, crude oil by 77.3 percent.
Hai said that moving online is crucial for Vietnam to seek new partners andaccelerate exports.
In addition, focus would be placed on removing difficulties to facilitate tradewith China.
Regarding long-term solutions, the ministry will develop a trade database toimprove trade connectivity.
The ministry is also hastening the procedures for the approval of the EU-VietnamFree Trade Agreement (EVFTA) as well as issuance of instructions forimplementing the trade deal effectively.
At the same time, administrative and customs procedures would be furthersimplified to create favourable conditions for trade, Hai said./.
VNA
