In the first 10 months of this year, Vietnam’s import-export revenue reach 558 billion USD, down 9.6% year on year (Photo: VNA)
Hanoi (VNA) – The target of 700 billion USD in import-exportrevenue for this year is a tough one amid current difficulties in the global market, said insiders.
According to the Ministry of Industry and Trade (MoIT), inthe first 10 months of this year, Vietnam’s import-export revenue reached 558billion USD, down 9.6% year on year, with exports dropping 7.1% and importsfalling 12.3%.
The results make it challenging to fulfil the goal for thewhole year, as from now to the end of the year, the revenue must reach 71billion USD which is hard in the context of fierce strategic competition amongworld powers, increasing uncertainty and slow global economic recovery, theministry said.
In this context, the MoIT is rolling out various measures tosupport businesses in promoting exports.
Many domestic firms are facing difficulties in export (Photo: VNA)
Do Ngoc Hung, head of the Vietnam Trade Office in the US,said that the agency is working to strengthen the connections between localbuyers with Vietnamese suppliers, while assisting the selling of Vietnamese productsin the distribution system of the US.
Meanwhile, Mac Quoc Anh, Vice President and GeneralSecretary of the Hanoi Association of Small and Medium-Sized Enterprises saidthat businesses hope that the State Bank of Vietnam and commercial banksconsider the reduction of conditions for loan borrowing by 50% and only applybasic conditions, thus enabling enterprises to access loans more easily withlarger amount.
Anh held that the most important thing at the moment is to “warmup” the overall demands, helping business clear their inventories and get more cashflow for production and business activities.
He advised companies to actively engage in connections andpromotion programmes in localities across the country, especially far-flungareas to stimulate people's consumption./.
Managing to navigate headwinds from global economic fluctuations, Vietnam has enjoyed positive gains in exports, with the upward trend forecast to continue in the time to come.
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In the first 10 months of this year, Vietnam’s import-export revenue reach 558 billion USD, down 9.6% year on year (Photo: VNA) 
Many domestic firms are facing difficulties in export (Photo: VNA) 
