Impact of international recession on the local industries is clearly visible in Vietnam. Exporters are among the worst hit. Recognizing this, the Ministry of Industry and Trade (MOIT) recently proposed several measures that might help revive exports.
MOIT urged Ministry of Finance (MOF) and the State Bank of Viet Nam (SBV) to enable companies and farmers to access credit, especially for key exports.
SBV announced cuts in interest rates twice in just past couple of months. However, MOIT suggested that rates be slashed further, so as to promote consumption and production.
According to this proposal, custom office has been asked to adjust administrative and clearance procedures, so as to make them swift and effective.
Tariffs should be flexible and adjusted in co-relation with the global prices. This will help companies that are facing low demand.
Complete understanding of rules and regulations in other countries is extremely important for the exporters. Diversifying products and entering new market is also essential to maintain steady performance.
Exports are expected to reach around US $15.5 billion in the fourth quarter, taking the total for 2008 to $64 billion, marking a year-on-year growth of 32 percent.
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