Vietnam to intensify efforts to tackle mislabeled products for export: PM
Government agencies are tasked with closely monitoring the US – China trade war situation for timely minimizing its negative impacts on the economy.
Vietnam would intensify efforts to tackle foreign goods forging Vietnamese origin to commit trade fraud, according to Prime Minister Nguyen Xuan Phuc.
Overview of the government meeting. Source: VGP.
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Phuc also requested better forecast of the impact of the international monetary market to ensure the stability of the foreign exchange rate and market, especially as the country is building its foreign exchange reserves.
During this process, Vietnam should pay close attention to US reaction to net purchases of foreign currencies, while maintaining frequent communication with the US side to prevent any negative reaction to Vietnam’s monetary policy, Phuc added.
Minister of Industry and Trade Tran Tuan Anh said the escalation of the US – China trade war could have major impacts on Vietnam’s top export markets, including China, requiring more measures to boost exports to these markets.
Meanwhile, Vietnam should continue expanding its export markets, especially with countries signing FTAs with Vietnam such as Canada, Chile and Mexico.
The Ministry of Industry and Trade has submitted to the government proposals on ensuring high export growth and protecting domestic production, Anh informed.
At the meeting, Governor of the State Bank of Vietnam (SBV) Le Minh Hung said the central bank has bought in large amount of foreign currency during the first six-month period, taking the total foreign reserves amount to a record high.
Facing strong volatility of the regional and international, Vietnam has put measures in place to stabilize the foreign exchange market, Hung said.
According to Hung, the benchmark rate in the January – June period has been risen 1% and the inter-bank exchange rate has gone up 0.3 – 0.4%, indicating the situation is well under the SBV’s control.
Hung added the banking sector has met all demands for foreign currency of the market, building the foundation for credit rating agencies to upgrade Vietnam’s ratings and creating cushion for negative external shocks.
In a regular press meeting held by the Vietnamese Ministry of Foreign Affairs on July 5, Spokeswoman Le Thi Thu Hang said Vietnam would soon work with the US to prevent falsified certificates of origin after the Trump administration announced to impose duties of more than 400% on steel imports from Vietnam using substrate from South Korean and Taiwan (China).
The Ministry of Industry and Trade has asked domestic firms to use locally-made materials or from other countries and territories instead of South Korean and Taiwan, Hang added.
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