Import-export aim of $700 billion difficult to meet

Vietnam's import-export revenue hit $558 billion in the first ten months of this year, a 9.6% decrease year on year, with exports decreasing 7.1% and imports falling 12.3%, according to the Ministry of Industry and Trade (MoIT).

The results make meeting the goal for the entire year difficult, as revenue must reach $71 billion from now until the end of the year, which is difficult in the context of fierce strategic competition among world powers, increasing uncertainty, and a slow global economic recovery, according to the ministry.

In this connection, the MoIT is implementing a variety of measures to assist firms in encouraging exports.

Do Ngoc Hung, head of the Vietnam Trade Office in the United States, stated that the agency is trying to enhance relationships between local customers and Vietnamese suppliers, as well as support the sale of Vietnamese products through the US distribution system.

Meanwhile, Mac Quoc Anh, Vice President and General Secretary of the Hanoi Association of Small and Medium-Sized Enterprises, stated that businesses hope that the State Bank of Vietnam and commercial banks will consider reducing loan borrowing conditions by 50% and only applying basic conditions, allowing enterprises to access loans with larger amounts more easily.

Anh believes that the most important thing right now is to "warm up" overall demand, assist businesses in clearing inventory and obtaining more cash flow for manufacturing and business activities.

He recommended businesses actively engage in networking and promotion programs in communities across the country, particularly in outlying locations, in order to stimulate people's consumption.

Source: Vietnamplus