Vietnam looks to boost exports

The MoIT also presented concrete figures for each particular sector. For example, the seafood sector will strive to reap $5.2 billion in export value in 2011 against $4.94 billion in 2010, coffee $1.9 billion against 2010’s $1.15 billion, rubber $3 billion and cashews $1.1 billion, equal to 2010’s, textiles and garments $12.5 billion against 2010’s 11.17 billion, wood and wooden furniture $4 billion against 2010’s $3.4 billion and machinery, equipment and spare parts $3.8 billion against 2010’s $3 billion.

In terms of export structure, agricultural, forest and seafood products are set to obtain $15.25 billion in total export value, up 1.2 per cent and processing industry $43.5 billion, surging 13 per cent against 2010.

But to make 2011 export targets achievable, competent state agencies are required to introduce suitable supportive policies, according to attendants at the meeting.

General secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Huu Dung said the Vietnamese government needed to work out appropriate lending policies to help businesses churn out high-value added export items.

“This will help businesses expand production and enhance their products’ competitiveness amid current high lending rates,” Dung said.

Representing the textile and garment sector, chairman of the Vietnam National Garment and Textile Group (Vinatex) Vu Duc Giang proposed governmental bodies facilitate broader market access negotiations to help made-in-Vietnam products carve out a niche in foreign markets.

“If the bilateral free trade agreement with Russia is soon clinched, Vietnamese businesses will easily raise their stake in this market, which currently imposes overly high tariffs on imports,” Giang said.

He also noted that local businesses were expecting the ratification of the Trans-Pacific Partnership Agreement (TPP) which would help them better exploit the US market.

The Vinatex executive also recommended providing stable supply to export production, citing that “Businesses could not raise production and business efficiency, if power supply was unstable and insufficient.”

In respect to export priorities in 2011, deputy minister of Industry and Trade Le Danh Vinh said the country would bolster export of processed and high-added value agricultural items with an emphasis given to technology and equipment renewal, and promoting production of labour intensive products with high growth potential, such as textiles and garments, footwear, wooden furniture, electric and electronic products and plastics.

Exporting new mechanical and processed food items continues to be a priority for exports in 2011, Vinh added.

MoIT officials also pledged to take a slew of measures, including flexible application of tax and fee policies, development of supporting industries to create a catalyst for 2011 export growth.