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Firms asked to help limit VN's trade deficit
Domestic businesses must co-operate in the promotion of production and export to curb the trade deficit.
Le Danh Vinh, Deputy Minister of Industry and Trade (MoIT), made the above comment while taking part in an online meeting in Ha Noi yesterday.
According to Vinh, private and State corporations have managed to overcome exchange rate difficulties in the past in order to gain access to capital sources for production and market supply purposes.
Nguyen Tien Vi, an official from MoIT, said that over the last three months, the performance of industrial production had become unstable due to the increasing price of commodities and raw material on the world market as well as an increase in interest rates.
Dam Thi Huyen, deputy general director of the Viet Nam National Petroleum Corporation (Petrolimex), said that while its Dung Quat Oil Refinery was undergoing maintenance, the corporation would import in order to secure domestic petrol supply.
Huyen added that, during the last two months, domestic consumption had significantly decreased. In July, the sales volume was estimated to stand at between 64 and 65 per cent of the sales volume in Q1, while still generating profit. Such confused performance had led to a high stockpiled volume of petroleum, forcing the corporation into financial difficulty in not being able to purchase foreign currency to pay its debts.
Tran Thi Thuy Hoa, an official from the Viet Nam Rubber Association, said that the country could make US$3 billion in rubber exports this year though it faced a decreased rubber price, slow demand and plentiful supply. In addition, the Viet Nam rubber industry had the advantage of close co-ordination with three major rubber producing countries including Thailand, Malaysia and Indonesia.
To assist producers and exporters, trade experts suggested that the ministry strengthen its co-operation with businesses and associations to boost production while encouraging relevant authorities to regularly update market information and restrict imports.
Deputy Minister Vinh forecast that, while production would remain a difficult prospect in the remaining months of this year, the ministry would continue to create incentives for enterprises to easily borrow capital and provide information to exporters wishing to promote their performance.
To regulate supply and demand and stabilise the market, the ministry would additionally strengthen the inspection and supervision of speculation, increasing prices and trade fraud while strictly controlling the quality of goods on the local market.
vietnamnews
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