PM Phuc underscores comprehensive solutions for increased exports

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On April 23, Prime Minister Nguyen Xuan Phuc chaired a national conference in Hanoi discussing comprehensive measures to boost exports towards sustainable development.

PM Phuc raised five major questions regarding how to increase the added value of Vietnam's exports and how Vietnamese enterprises can actively become involved in the global value chain, noting that despite improvements in administrative procedures, they are still below expectation.

He underlined the need to update Vietnamese exporters about market information and legal regulations abroad, opportunities and risks, and orientations to manufacturing and exports. 

“We need a comprehensive and long-term strategy to address these issues. Each ministry and local government must devise their own export plans with a specific roadmap,” Phuc said.   

PM Phuc pointed out that irrelevant regulations and slow-paced administrative reforms are hindering exports. He urged authorities to change their mindset and act quickly in order to create a breakthrough in exports.

The government leader stressed the importance of utilizing the domestic market with a population of nearly 100 million and effectively exploiting the global market to achieve sustainable growth.

The PM also underlined the need to step up cooperation for mutual development and benefit towards boosting exports as Vietnam has 29 export products with an export value of more than US$1 billion, 20 products at over US$2 billion, and 8 products at more than US$ 6 billion.

"It is imperative to fully tap potential and comparative advantages in order to bolster exports in quantity, quality and added value, which is projected to increase by at least 15-20% in the years to come, thus making great contribution  to the country’s GDP growth " the cabinet leader noted.

In his remarks, Industry and Trade Minister Tran Tuan Anh said the Ministry of Industry and Trade proposed drastic measures to sustainably boost exports, including restructuring agriculture, closely controlling supply, and gradually improving the quality of farm and aquatic products. 

It will also accelerate institutional and administrative reforms, revamp legal corridor for export activities, remove payment and credit barriers to ensure sufficient capital for manufacturing and exports, he added.

In 2017, Vietnam’s exports surged by more than 21% to hit a record high of US$ 214 billion, exceeding the target set by the National Assembly. However, the growth rate was 15.8% when mobile phones, computers and electronic spare parts were excluded. Exports still heavily relied on foreign-invested enterprises, which contributed more than 70%.