The MoIT said that the country’s import-export activities have achieved significant results over the past nine months. Exports increased by 35.4 percent while imports were up 26.9 percent. The import surplus just accounted for 9.8 percent of the total exports, which is lower than the target set by the Government.
Although, industrial production rose by 7.8 percent in the review period, it is still facing a number of difficulties, such as rising input costs, a decrease in credit capital and high interest rates for loans.
Pham Chi Cuong, President of the Vietnam Steel Association, said steel consumption fell drastically sharply over the past three quarters due to public investment cuts and tightened fiscal policies. To ease their difficulties, businesses accelerated exports, and the sharp rise in export volume and cheap prices has resulted in some countries, including the US, listing Vietnamese steel for anti-dumping investigation.
Despite achieving 32 percent growth, the garment and textile sector was also facing numerous difficulties. Textile and garment exports to the US and Europe began to fall due to the debt crisis and economic downturn in these markets. Some businesses expressed their concern that the difficult situation will make US importers reduce their import volume, even for signed contracts. It is forecast that it will be more difficult to export in the remaining months of this year.
Deputy Minister of Industry and Trade Le Xuan Quang pointed out some solutions for the sector in the remainder of 2011, including accelerating production and ensuring the balance of supply and demand for essential products. Businesses should make full use of their production capacity and pay attention to market demands to supply essential products and commodities such as electricity, coal, oil, gas, fertilizer, steel, garments, footwear, and dairy products.
Add new comment