|Deputy Minister of Industry and Trade Do Thang Hai
Vietnam posted a 2.7 billion USD trade deficit in the first seven months of this year, as the COVID-19 pandemic rages through southern localities.
A key factor will be the ability of industrial production to cater to both domestic and foreign markets, said Hai.
“Processing and manufacturing account for 80% of the export turnover, so we give high priority to industrial production, even in pandemic-hit localities. If we close production facilities, the supply of goods will be disrupted and we miss our export growth target. On the other hand, when factories are allowed to open again after closure, a shortage of labor or a decline in orders will also cause us a lot of trouble.”
According to the Deputy Minister, given the severe impacts of COVID-19, Vietnam’s export turnover of 185 billion USD in the first seven months, up 25.5% from last year, was encouraging. Free trade agreements now in effect should boost exports.