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Gov’t aims for $61.2bil in exports
Deputy Minister of Industry and Trade Bui Xuan Khu asked enterprises and commodity-chain associations to work at full capacity to raise their processing capabilities of exports, to reach the country's target export turnover of US$61.2 billion this year, up 26 per cent over last year.
Khu made the statement during an online conference on Friday discussing solutions to boost exports in the last six months of the year.
HCM City People's Committee deputy chairwoman Nguyen Thi Hong said the ministry should list all vital items so that the State Bank of Viet Nam can supply enough capital for enterprises to expand their production, raise competitiveness and meet quality demands of some larger markets including European countries, Japan and the US.
She asked the State Bank to get commercial banks lo lower lending rates and strictly control decisions on interest and exchange rates.
Representatives of the Viet Nam Association of Seafood Exporters and Producers (VASEP) said that enterprises were facing many difficulties, including high input costs and a lack of capital and labourers. They asked for the State's help through concrete policies.
Chairman of the Viet Nam Leather and Footwear Association, Nguyen Duc Thuan, said that the power sector often cut off electricity, damaging enterprise production. He said he wished to have an industrial zone with adequate waste water treatment facilities, so that the leather and footwear sector could invest in producing materials for shoe-making, to help reduce the need to import such materials.
Representatives of the Viet Nam Steel Corporation asked the ministry to limit material export to ensure they had an adequate supply, and to raise the price of steel ingot from 10 to 30 per cent.
Answering questions from enterprises, representatives of the State Bank of Viet Nam affirmed that the bank had enough foreign currency for enterprises.
The Department of Tax Policy, under the Ministry of Finance, agreed that it was necessary to create favourable conditions for enterprises to import more materials to produce exports.
Khu noted that the US economy slumped as inflation skyrocketed all over the world in the first half of the year, not missing the local economy. Soaring prices for raw materials, as well as natural disasters and epidemics, all adversely affected production and trade.
Khu told ministry officials, relevant agencies, major exporters and associations that the Government's drastic measures to solve problems related to capital, credit, interest and exchange were effective, particularly concerning trade.
The latest statistics by the Department of General Customs indicated that export revenue in June 2008 reached $6.2 billion, up 49.1 per cent over June 2007. This marks the highest increase ever recorded in one month.
The record increase pushed total export revenue in the first half of the year to $30.6 billion, a year-on-year increase of 35.8 percent, the highest growth ever recorded.
According to the ministry, the surge in exports was thanks to high export prices and an increase in the volume exported of various products.
Among exports, fuel and minerals jumped by 52 per cent, followed by processed goods, industrial products and handicrafts by 33 per cent, and agricultural, forestry and aquacultural products by 27 per cent.
The volume of exported agricultural, forestry and aquacultural products decreased, while processed goods, industrial products and handicrafts shot up to 60.3 per cent in the January to June period.
Import revenue in June hit $6.93 billion, a 39 per cent increase over the same period last year, bringing total import revenue in the first half of the year to $44.8 billion.
According to Khu, the Ministry of Finance may consider reducing import taxes on raw materials as well as other fees and charges to create favourable conditions for import-export businesses.
Regarding capital, foreign currency and tax issues, Deputy Minister Khu said the ministry would continue to ask the Government and State Bank to help enterprises acquire adequate capital for production and export with priority interest rates.
VNS
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