Various measures to be taken to promote trade in 2019
Updated : Tuesday, January 08, 2019 3:13 PM (GMT+0700)

The Ministry ofIndustry and Trade (MoIT) will continue its efforts to achieve the NationalAssembly’s target of total export turnover growing from 7-8 percent and tradedeficit being kept at below 3 percent, Minister Tran Tuan Anh has said. 

 
Minister of Industry and Trade Tran Tuan Anh - Photo: VNA

To that end, it will keep a close watch of marketdevelopments in order to roll out the best business and production plans,expand its presence to foreign markets, optimise free trade agreements (FTAs),and effectively cope with protectionism and technical barriers imposed by othercountries, the minister told the Vietnam News Agency in an interview.

Of note, he said, the MoIT will work to build, amend andsupplement the legal system to realise the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) and promote the signing andratification of major FTAs, especially the EU-Vietnam FTA (EVFTA), as the twodeals will make Vietnam more attractive to foreign investors. 

The ministry will improve its capacity for settling disputesand coping with trade protectionism, and intensify IT applications andadministrative reform, Anh added. 

Given uncertainties of the global economy, the VietnameseGovernment, the MoIT and other ministries and agencies have employed variousmeasures to ease the risks, according to the official. 

Due attention has been paid to export market expansion, heelaborated, adding that apart from the US and China, the EU, the Republic ofKorea (RoK), Japan and the Association of Southeast Asian Nations (ASEAN) havealso become Vietnam’s major trade partners. 

The MoIT has also stepped up trade promotion to boostproduction and product consumption, he said.

Reviewing the ministry’s performance in 2018, Anh said itfulfilled and overfulfilled targets set by the Government. 

In the year, the ministry took the lead in cutting 675investment and business conditions, which has created an open environment forinvestors while improving the efficiency of State management, he added.

Source: VNA

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