He also asked the Ministry of Industry and Trade (MoIT) to accelerate trade promotional initiatives to expand export markets.
He added that the context of international economic integration demands the sector pay special attention to bilateral and multilateral agreement negotiations, which can facilitate export activities and protect domestic production.
Vietnam’s total export turnover is predicted to reach US$126.1 billion this year, up just 10 percent compared to last year, said MoIT Deputy Minister Nguyen Cam Tu.
The 10-percent growth target is a setback for the trade sector as it grew at 18 percent last year.
Tu emphasised how Vietnam’s trade surplus bounced back in 2012, reaching US$284 million. The foreign-invested sector posted an export value of around US$72.3 billion, making up 63.1 percent of total export value, while domestic businesses earned US$42.3 billion, or 36.9 percent.
The high export growth proved Vietnam has recognised and acted upon the potential of international integration, entry to the World Trade Organisation, and FTAs. Five years after joining the WTO, the country’s export turnover increased from US$48.6 billion in 2007 to US$112.6 billion in 2012 with an average annual growth rate of around 21.6 percent.
Vietnam now ranks among the world’s leading exporters of rice, coffee, pepper, cashew nuts, and rubber.
The MoIT has recently developed a project to encourage investment in support industries, streamline administrative and regulatory requirements, and upgrade the certificate of origin system.
