Minister of Industry and Trade Tran Tuan Anh addresses a meeting on August 7, 2019. (Photo: VNA)

The Ministry reported a trade surplus of 1.8 billion USD in the reviewed period and 24 commodities having an export value of over 1 billion USD each. Vietnam’s exports maintained growth momentum despite trade tensions among major world powers. The Ministry predicted Vietnam’s export value will hit 262 billion USD this year, 7.5% higher than last year.

Minister of Industry and Trade Tran Tuan Anh said: “The Government has ordered us to design growth scenarios for months and quarters to ensure the yearly growth rate. We also have imports-exports growth scenarios of the remaining months for different markets and key commodities. We have studied thoroughly markets’ characteristics and each commodity’s production capacity and competitiveness.”

At the meeting, Vu Ba Phu, Director of the Trade Promotion Agency, suggested Vietnamese businesses focus investment in hard-currency earners, such as processing food and organic farm produce, and branding. Mr. Phu said: “We need new methods of trade promotion to support exporters and goods to build their trademarks. For example, we have defined organic food, processed farm produce, and timber products as our core commodities to be exported to Finland and the Netherlands. We are seeking partners in certain targeted market to work with promotion agencies of both sides to pave the way for exports.”