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Exports forecast to fetch nearly $16bil in Q4
Export turnover in the last quarter is expected to reach roughly US$15.7 billion, helping the country to meet its annual $64 billion target despite difficulties from the global financial crisis.
In the first nine months of the year, the country’s exports reached $48.6 billion, up 39 per cent over the same period last year, the General Statistics Office reported.
The Ministry of Industry and Trade (MoIT) forecast that the country would earn about $5 billion for each remaining month of the year, much lower than the monthly average figure of $6 billion in the third quarter.
Prices in the global market of Viet Nam’s key export commodities including crude oil, footwear, rice, and garment and textiles were dropping, helping to contribute to the expected fourth quarter decrease, said MoIT.
MoIT anticipates the price of crude oil will fluctuate between $80-95 per barrel in the end of the year, with the global financial crisis likely keeping fuel prices from sharply rising.
Lower demand for garments and textiles from the US market, which accounts for up to 55 per cent of Viet Nam’s total clothing exports, will greatly curtail exports in the industry.
Footwear exports are also on the decline, with the EU’s decision to maintain anti-dumping duties on Viet Nam’s leather capped shoes for at least one and a half more years.
The price of rice is also decreasing. A tonne of 5 per cent broken rice now sells for about $500-540, much lower than the average rate of $620 in recent months. The ministry anticipated rice prices would not be lower than $500-600 for the remaining months.
To boost exports for the rest of the year, MoIT deputy minister Nguyen Thanh Bien said the ministry would implement measures to help businesses overcome difficulties, which include ensuring export producers have an adequate supply of electricity.
MoIT was also working with financial organisations and banks to offer loans to businesses, adding that some banks have lowered their lending interest rates to help producers and exporters.
Regular working sessions are being held by MoIT with associations to discuss measures to boost exports. The ministry has also worked with the Ministry of Finance’s Corporate Financial Department to reduce corporate income tax for businesses.
Bien recommended domestic exporters begin finding markets other than the US for their products, because it would be difficult to boost exports to the US at this time.
The chairman of the Viet Nam Pepper Association, Do Ha Nam, asked authorities to better collect and analyse both domestic and global market information in a move to help farmers and exporters avoid risks.
VNN
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