|
Vietnam likely to surpass US$59 billion export target
Vietnam’s export turnover is likely to hit US$63 billion in 2008, surpassing the set target of US$59 billion as the financial crisis in the US has not had much impact on the country’s exports.
A VOV reporter interviewed Deputy Minister of Industry and Commerce Nguyen Thanh Bien on Vietnam’s export activities in recent times.
VOV: Could you please brief us on export performance over the past nine months of this year and in September alone?
Mr. Bien: In September, Vietnam earned US$5.3 billion in export turnover, up 39 percent over the same period last year but lower than August’s level of US$6 billion. The reason is that some products imported last month were re-exported so there were no longer products in the form of import and re-export in September.
However, export turnover still hit US$48.57 billion over the past nine months, an increase of 39 percent from a year earlier.
The export performance made during the above period is a satisfactory result despite facing economic downturns in the US and Europe, reduced purchasing power and narrowed markets.
VOV: Is there any impact of the US and Europe’s financial crises on Vietnam’s export growth in the remaining months of this year?
Mr. Bien: The downturn of major financial markets will surely affect Vietnam’s exports but the level of impact depends on Vietnamese products’ competitive capacity and its market structure.
If Vietnamese enterprises do well with market forecasting and double-check export contracts and payment conditions, a monthly export target of not less than US$5 billion will be achievable from now untill the end of this year. Thus, export turnover is expected to reach approximately US$15 billion in the last quarter, bringing total export earnings to US$63 billion for this year, 30 percent higher than the set target.
VOV: In September, ASEAN countries became Vietnam’s biggest partner and contributed the most to increasing the country’s export turnover. In the face of difficulties in exporting products to financially affected markets in the US and Europe, will Vietnam will shift its export markets in the future or not?
Mr. Bien: Vietnam achieved an encouraging export growth to ASEAN countries over the last month and ASEAN has become its most lucrative export market in the region. However, by comparison with each country’s export volume, the US remains the number one export market for Vietnam.
As a result, the US still takes the top spot in Vietnam’s exports this year, followed by the EU and ASEAN markets.
As businesses find it difficult to boost exports to the US, the adjustment of the scale of export to other markets is unavoidable. However, the adjustment in the three remaining months of this year will be minor and the US is still a potential market for Vietnamese products.
VOV: A story on the US financial crisis once again emphasised the role of market forecasting. Does Vietnam respond slowly to the issue?
Mr. Bien: Market forecasting activities in recent times have been given due attention and have improved significantly. We gave warnings of fluctuations in mortgage and real estate markets which lead to the financial crisis in the US on mass media and at meetings with export businesses. Therefore, if they update information they can master market movement. Currently, businesses are in serious need of market forecasting, thus people involved in overseas market forecasting should closely work with export associations and businesses to provide the latest information and respond in a timely manner to market changes to avoid losses and identify goods orders for the coming years.
VOV: Which specific plans is the Ministry of Industry and Trade devising to remove difficulties in the current period to fulfill export targets?
Mr. Bien: The ministry is implementing Government measures to help businesses overcome difficulties, such as ensuring the supply of enough electricity to production and export businesses and working with financial organizations and banks to offer loans to businesses. Some banks have lowered their lending interest rates and applied lending interest rates in Vietnam dong according to US dollars in order to help export businesses to access capital with reasonable interest rates. Currently many businesses are exploiting preferential credits offered by the commercial bank system.
In addition, the ministry has worked with the Business Finance Department under the Ministry of Finance to reduce corporate income tax and held regular working sessions with associations. An export meeting will be held soon to collect opinions and petitions from export businesses. The ministry always strives to create good conditions for businesses to fulfill their plans from now to the end of this year.
VOV: Thank you very much.
VOV
|
