July 21, 2010

The Vietnamese Ministry of Industry and Trade (MoIT) will continue implementing key initiatives to boost exports in an aim to maintain double-digit turnover growth for 2010.

The total export turnover in the first half of this year amounted to US$32.1 billion (€24.9 billion), an on-year increase of 15.7%, of which agricultural and aquaculture export turnovers reached US$6.6 billion (€5.1 billion), up 8.1% on-year, according to estimates from the MoIT and the Ministry of Planning and Investment.

"The global economic recovery has also helped boost the exportation of Vietnamese products, as the worldwide demand for goods consumption has risen," said MoIT deputy minister Nguyen Nam Hai. He added that if the export market continued to see favourable conditions and goods prices do not drop, the year's export turnover growth will possibly remain in double-digits.

To boost exports, the ministry has implemented the following measures: synchronous measures to improve quality and increase value of export products, especially in the fields of agriculture and aquaculture; boosted the promotion of exports, seeking new markets and expanding existing ones. The ministry has sought to develop markets that border Vietnam by reviewing and adjusting inappropriate regulations that have limited exports to these areas; implemented the already signed Free Trade Agreements (FTAs) to take full advantage of these arrangements, and worked with localities and associations to disseminate information on FTAs; and collaborated with relevant agencies to organise conferences on exports as part of a bid to solve difficulties in production, business and export and to discuss measures to increase exports for each commodity and sector.