8/8/2019 Efforts to Fulfill Economic Targets

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Efforts to fulfill economic targetsBy the end of last month, the national economy had

showed signs of recovery and growth thanks to the

Governments effective measures to stimulate

investment and exports. Industrial growth value in the

third quarter surpassed the target set for this year.

Optimistic figures

According to the Ministry of Industry and Trade (MoIT), over the past nine months,industrial production value is estimated to have reached VND 574,000 billion, up 13.8percent over the same period last year and 12 percent higher than the yearly target.

Total export turnover hit US$ 51.5 billion, up 23 percent, bringing an average exportvalue in the first nine months of US$ 5.72 billion per month.

Exports of garments and textiles hit a record high of more than US$1 billion in July andthe figure was still maintained during August and September. Some industrial productsrecorded a high export growth, including chemicals, steel and iron, transport, electriccable& wire, machinery and equipment.

During the reviewed period, the total import turnover is estimated to have hit more thanUS$60 billion, up 22.7 percent over the same period last year. The increase in the costs ofimports is due to the soaring prices of raw materials. The trade deficit was US$8.57billion, accounting for 16.6 percent of export turnover.

The supply of essential goods over the past nine months was ensured while the campaign

Vietnamese use Vietnamese goods and programmes to bring goods to rural areas havereceived a positive response from people throughout the country. This has helped toincrease domestic consumption and boost domestic business production.

With positive signs on the domestic and global markets, in the last quarter of this year,the industrial and trading sector is striving to post a growth rate of 14 percent in valueand 19-21 percent in export turnover. The sector has also set a target of keeping the tradedeficit at less than 20 percent.

Regarding export items in the remaining months of this year, the MoIT says that seafoodexports fulfilled their set target and minerals will reach their given granted quotas.

Therefore, industrial products such as garments & textiles, and leather and footwear willcontribute substantially to fulfilling the countrys export target set for this year.

Le Tien Truong, Deputy General Director of the Vietnam National Textile and GarmentGroup (Vinatex) said that the garment sectors exports have reached nearly US$8.1billion over the past nine months, a year-on-year increase of 20 percent, 8 percent higherthan the set target. The sector is now able to pass this years export target of US$10.5billion, and reach up to US$11 billion.

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8/8/2019 Efforts to Fulfill Economic Targets

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Stepping up production and market control

The MoIT has asked Electricity of Vietnam (EVN) to ensure enough electrical power forproduction and consumers in the remaining months of this year and to devise plans tomeet the peak demand the next dry season.

Dang Hoang An, EVNs Deputy General Director, said the group has mobilised all itsresources, including electricity generated from coal and gas, imports from China andclosely followed hydrography and water level on rivers to regulate reservoirs. With thesemeasures, EVN hopes to provide a larger amount of electricity for the economy andsociety, said Mr An.

The ministry has also directed businesses to step up production to ensure supply anddemand for essential commodities and to carry out domestic trade promotions to stabilisethe market. It has also asked the relevant authorities to enhance market management, andthe supply of essential goods such as petrol, fertiliser, steel, printing paper, cement, rice

and pharmaceuticals.

The Vietnam National Chemical Group (VINACHEM) and its members have upped itsproduction capacity to meet the demand for fertiliser during the forthcoming winter-spring season.

Do Duy Phi, VINACHEMs General Director, said that the group has directed itsmembers to step up production and stockpile materials to meet the increasing demandand stabilise prices.

The ministry has also asked businesses to increase investments in projects to ensure the

efficiency of already those in operation. Development policies for support services mustbe put in place as soon as possible.

As for businesses, they must improve the quality of market forecasts and analysis andadopt suitable import-export policies in line with WTO regulations.