Diversified export markets In 2017, Vietnam’s export-import reached a record US$425.12 billion, including US$214.02 billion in exports and US$211.1 billion in imports, putting the trade surplus at nearly US$3 billion. At the beginning of 2018, Prime Minister Nguyen Xuan Phuc asked the Ministry of Industry and Trade to target a 10-percent export increase, higher than the goal of 7-8 percent set by the National Assembly. The task was particularly challenging given the escalating US-China trade war, and challenges posed by non-tariff barriers for imported goods. To carry out its task, the Ministry of Industry and Trade slashed bureaucratic red tape for administrative procedures and business conditions in export-import activities, creating favorable conditions for business development. For example, Governmental Decree 107/ND-CP on rice export businesses now allows rice producers to export their products directly. Farmers, cooperatives and/or businesses with several dozen hectares of rice cultivation area can each produce and directly export high-quality rice products under their brand names to retailers in foreign markets without applying for a license or having a business registration certificate. Businesses made great efforts to expand their export markets and make the most of opportunities provided by free trade agreements. In the first half of 2018,… Read full this story
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