MoIT sets export growth target of up to 5pct despite COVID-19 challenges

27-Feb-2021 Intellasia | VOV | 5:02 AM Print This Post

Amid complicated developments of the COVID-19 pandemic globally, the Ministry of Industry and Trade (MoIT) has set an export growth target of between 4 percent and 5 percent for this year, with a specific focus on taking full advantage of new-generation free trade agreements, said Tran Thanh Hai, deputy director of the Import and Export Department.

Between the beginning of the year and mid-February, the country’s export turnover recorded an impressive surge of 36 percent to $38 billion compared to the same period from last year, while imports also increased by approximately 25%, according to the Ministry of Industry and Trade (MoIT).

Hai emphasized that this year’s export target of between 4 percent and 5 percent remains reasonable due to the COVID-19 pandemic not being brought under complete control across the world, especially in major Vietnamese export markets.

Following the signing of three FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and the UK-Vietnam Free Trade Agreement (UKVFTA), they are anticipated to give fresh impetus to the nation’s import and export activities.

After coming into force last year, each of the FTAs, especially the EVFTA and RCEP, represent large-scale agreements that the nation can benefit from, Hai noted.

He elaborated that when the EVFTA first came into effect on August 1, 2020, the number of certificate of origin (C/O) forms of euro.1 for Vietnamese exports to the EU market increased dramatically. The move indicates that local businesses have immediately maximised the benefits brought about by the trade pact.

Furthermore, despite the range of adverse impacts caused by the COVID-19 pandemic on the EU market last year, Vietnamese exports to the fastidious market witnessed robust growth in terms of traditional goods and new commodity groups, especially wooden products.

Hai therefore pointed out that with these agreements being implemented in a comprehensive manner and the pandemic gradually being brought under control, Vietnamese production and export activities will witness stronger growth moving forward.

https://vov.vn/en/economy/moit-sets-export-growth-target-of-up-to-5-despite-covid-19-challenges-839451.vov

 

Category: Economy, Vietnam

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