Business
Ministry report highlights country’s foreign trade
  • By The Hung | dtinews.vn | March 30, 2017 10:46 AM
The Ministry of Industry and Trade (MoIT) has for the first time published its foreign trade report in 2016.

The report includes the foreign trade results of each sector and market and the direction of the MoIT in monitoring and promoting export and import activities, said Deputy Industry and Trade Minister Tran Quoc Khanh at a press conference to mark its launch on March 29.

 

The Ministry of Industry and Trade on March 29 published its foreign trade report in 2016

The report is intended to be equally useful to policy-makers and businesses.

According to the report, in 2016, products in the processing industries accounted for 80.3% of the country’s total exports, followed by afro-fisheries with 12.6% and oil and gas and mineral products with 2%. The structure is suitable for the country’s export strategy in 2011-2020 period with a vision until 2030.

However, the MoIT pointed problems related to the limited quality of Vietnam’s exported products, affecting their competitiveness.

Khanh noted that the report systematically reviewed foreign trade, including both opportunities and challenges, with accurate information. It mentions the trade of different groups of products for export as well as the MoIT’s measures for trade promotion. Advice for companies to take advantage of free trade agreements was also included in the report.

According to the General Statistics Office, after many years of trade deficit, Vietnam reported a trade surplus of USD2.7 billion in 2016. However, since the beginning of this year, the country has witnessed a sharp increase in the trade deficit to USD1.9 billion.

Leave your comment on this story