According to reports from the local media on Wednesday, Vietnam will have a tough time meeting its target of a 6% increase in exports for this year in light of the falling demand on a worldwide scale.
According to a report by the Xinhua news agency, which cited the local media, main exports of the nation, such as furniture, footwear, and seafood, suffered a significant decrease in the number of orders placed for them in comparison to the previous year.
According to Cao Huu Hieu, general director of Vinatex, one of the country’s largest textile groups, lower demand in the world’s major markets in addition to a large inventory held by retailers has resulted in fewer orders placed this year. Vinatex is one of the largest textile groups in the country.
According to the Ministry of Industry and Trade, a number of initiatives have been implemented to provide assistance to businesses. These initiatives include trade promotional and networking events.
It has been instructed that Vietnam’s trade representative offices overseas step up their efforts to assist enterprises in entering new markets and to resolve any ongoing problems associated with their admission.
The Ministry advised companies that, while they await the recovery of more conventional markets like the United States, European Union, and Japan, they should look into other potential market opportunities, particularly in the Middle East, Eastern Europe, Latin America, and South Asia.
The Minister of Industry and Commerce of Vietnam, Nguyen Hong Dien, previously predicted that challenges would arise for Vietnam’s exports as a result of contracting markets, declining orders, and increasing levels of competition.
According to the information provided by the country’s General Statistical Office, the nation’s international commerce reached a new high of $732.5 billion in 2017, which was up 9.5% from the previous year and resulted in a trade surplus of $11.2 billion.