Insiders make suggestions to maintain sustainable export growth

Statistics of the Ministry of Industry and Trade (MoIT) shows that Vietnam’s import-export value reached US$95.8 billion in the first two months of 2021, up 24.5% year-on-year. Of the total, exports were valued at US$48.55 billion, up 23.2%, and imports US$47.26 billion, up 25.9%.

During January-February, Vietnam enjoyed a trade surplus of US$1.29 billion, down from the US$1.8 billion seen in the same period last year. The domestic sector posted a trade deficit of US$4.14 billion, while the FDI sector, including crude oil, saw a trade surplus of US$5.43 billion.

At the Government’s February regular meeting, MoIT Minister Tran Tuan Anh set a target of 4-5% in export growth in 2021.

To that end, MoIT Deputy Minister Cao Quoc Hung said that the ministry is considering a new strategy on import-export activities in the coming time to be submitted to the Prime Minister for issuance.

In addition, the ministry will continue engaging in negotiations and perfecting relevant institutions on free trade agreements (FTAs), including issues related to the rule of origins so as to help business better optimize advantages of the agreements.

It will also consolidate and expand export markets, bring into full play opportunities brought about by existing FTAs, persify import and export markets, persify exported products, increase the competitiveness of exported products, and develop brands so as to achieve sustainable export development, Hung added.