Vietnam is likely to reach a total export turnover of 200 billion USD for the whole year, surging over 13 percent from last year and exceeding the set target, Deputy Minister of Industry and Trade Do Thang Hai affirmed at the regular meeting held in Hanoi on July 14.

Deputy Minister of Industry and Trade Do Thang Hai at the regular meeting on July 14. He said that Vietnam is likely to reach a total export turnover of 200 billion USD this year.

Hai said that exports of garments, footwear and wooden products will enjoy substantial increase in the second half of the year.

In a stark contrast, imports are forecast to taper off as most of the equipment was purchased from the beginning of the year. The import value is estimated at 205 billion USD. 

The country’s trade deficit is estimated at 5 billion USD, or 2.5 percent of the export turnover and lower than the National Assembly’s goal.

To realise the objective, the ministry is focusing on addressing difficulties for domestic production projects for exports and promoting market information to tackle market barriers. Popularisation of free trade agreements will be paid due attention.

Hai underlined that a line-up of measures will be implemented to support domestic enterprises in meeting quality standards of the importers and increasing values of export products, especially agro-forestry-fishery goods.

The ministry will create favourable conditions for farm produce to enter new markets.

Management of import-export via trade preventive measures in line with Vietnamese laws and international commitments will be promoted in the last months of the year.

VNA