Import-export target of US$700 billion tough to complete

According to the Ministry of Industry and Trade (MoIT), in the first 10 months of this year, Vietnam’s import-export revenue reached US$558 billion, down 9.6% year on year, with exports dropping 7.1% and imports falling 12.3%.

The results make it challenging to fulfil the goal for the whole year, as from now to the end of the year, the revenue must reach US$71 billion which is hard in the context of fierce strategic competition among world powers, increasing uncertainty and slow global economic recovery, the ministry said.

In this context, the MoIT is rolling out various measures to support businesses in promoting exports.

Do Ngoc Hung, head of the Vietnam Trade Office in the US, said that the agency is working to strengthen the connections between local buyers with Vietnamese suppliers, while assisting the selling of Vietnamese products in the distribution system of the US.

Meanwhile, Mac Quoc Anh, Vice President and General Secretary of the Hanoi Association of Small and Medium-Sized Enterprises said that businesses hope that the State Bank of Vietnam and commercial banks consider the reduction of conditions for loan borrowing by 50% and only apply basic conditions, thus enabling enterprises to access loans more easily with larger amount.

Anh held that the most important thing at the moment is to “warm up” the overall demands, helping business clear their inventories and get more cash flow for production and business activities.

He advised companies to actively engage in connections and promotion programmes in localities across the country, especially far-flung areas to stimulate people's consumption.