VINACHEM

The country is showing very positive economic signs after achieving an estimated export turnover of 261.8 billion USD by the end of last month, marking growth of 14.6% over the same period last year and exceeding set targets.

Nguyen Anh Son, Director of the Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade, provided the export data estimates, going on to note that average monthly export turnover thus far this year reached 37.4 billion USD, with both May and June surpassing 39.5 billion USD.

In July alone, exports were expected to reach new heights of more than 41.6 billion USD.

Meanwhile, the import turnover of goods in the past seven months was estimated at 252.1 billion USD, up 17.9% over the same period last year.

Due to the recovery of production and export activities, businesses had stepped up the import of raw materials to serve the production of export orders.

The trade balance over the past seven months was estimated at a surplus of 9.7 billion USD. This figure was 23% lower than the 12.6 billion USD recorded in the same period last year.

However, a moderate trade surplus could increase foreign exchange reserves, stabilise monetary policy and contribute to sustainable import and export development in the medium and long term, said Son.

Vietnam faces many challenges from increasingly fierce strategic competition and trade conflicts between major countries over the past several months, causing cracks and breaks in the global production and supply chain, say experts.

A growing trend of trade protectionism, along with technical standards and climate-related regulations, has created several non-tariff barriers for imported goods.

This has had a direct and adverse impact on many countries, particularly those with high economic openness like Vietnam, say experts.

To boost imports and exports, Minister of Industry and Trade Nguyen Hong Dien has urged the ministry’s functional units to enhance their consultation efforts, refine mechanisms and policies, and improve decrees and circulars to effectively internalise international commitments under the FTAs that Vietnam has signed.

It is also crucial to strengthen the connection that has helped domestic enterprises integrate into the production and supply chains of FDI companies and large global corporations, thereby creating a market for industrial development, according to the minister.

Particularly essential is enhancing market information dissemination and ensuring the timely provision of market demand data, regulations and new policies from local markets, as well as offering policy consultations to enterprises, associations and import-export sectors.

There should also be continued innovation and improvement in trade promotion effectiveness to help accelerate the development of e-commerce, especially cross-border e-commerce, expand supply chains and facilitate the circulation of goods.

At the same time, efforts must be made to speed up negotiations on upgrading existing FTAs and signing new deals with potential partners to diversify products, supply chains and export markets.

Additionally, strengthening trade defence capabilities, enhancing early warning systems for potential lawsuits in foreign markets and providing guidance to enterprises and associations on how to respond promptly and effectively to trade disputes are needed to protect the legitimate interests of Vietnamese businesses in international trade.

Dien urged ministries, sectors and localities to continue coordinating efforts to remove obstacles and create favourable conditions to help boost production and exports.

Active negotiations should also be pursued to further open export markets for Vietnamese goods, especially agricultural and seafood products, the minister added.

At the same time, solutions and policies should be implemented to direct credit towards business production, prioritise export and import activities and facilitate enterprises' access to credit for production and export purposes.

For export-import enterprises, associations and sectors must closely monitor the market and respond flexibly to market demands in order to organise appropriate and efficient production and export plans.

They should also strengthen official export activities linked to product branding as well as cooperate with relevant departments to receive up-to-date information on market demands, regulations and new policies from foreign markets, along with providing skills training to more easily access target markets.

“In the context of a world economy full of volatility, each container of Vietnamese export goods carries not only commercial value, but also the identity, prestige and aspirations of a nation that is transforming rapidly and confidently stepping into an era of deeper integration,” said the minister./.  Source: VNA