Export to rise double-digit
Vietnam’s export value is set to reach $330 billion this year, up 17 percent from last year, thanks to the government’s effort to promote trade amid the pandemic.
The figure reached $300 billion by last month, with 34 categories worth at least $1 billion, including seven at over $10 billion, Deputy Minister of Industry and Trade Tran Quoc Khanh told a forum Wednesday.
The figure was determined as the ministry conducts trade promotion activities digitally to help farmers sell their agriculture produce even amid the most difficult time of the pandemic, he added.
But as e-commerce activities rise, small- and medium-sized (SMEs) companies face challenges in exporting their goods, said Vu Ba Phu, head of the trade promotion agency under the ministry.
One challenge is their inability to meet the high quality standards of foreign buyers, he said.
SMEs also face challenges in technology use, language and marketing to the global market, which block them from finding new markets, he added.
The delay in policy changes to support the e-commerce industry also adds to the challenges, Phu said.
He added that next year Vietnam would focus on mid- and long-term plans to export to markets that the country has established free trade agreements with.
Tran Thi Hong Minh, head of the Central Institute for Economic Management, said businesses should focus on environmental-friendly products that are in high demand in key export markets.
They should also look for new markets and multiply their export value, she added.
Vietnam exported $282.65 billion worth of products last year, up 7 percent from 2019.