Illustrative image (Source: VNA)

Hanoi – Twenty-seven export items joined the “one-billion-USD” club in the first five months of this year, as compared with only 23 seen in the same period last year, Deputy Minister of Industry and Trade Do Thang Hai told a press conference on June 16.

Vietnam’s export revenue in May increased 18.1 percent against the previous month, pushing the five-month value by 16.7 percent, he said.

The export value in the domestic economic sector expanded 21.3 percent, higher than that in the FDI sector (15.1 percent, including crude oil) which, Hai said, reflects the rapid recovery of local firms as well as the resumption of global supply chains.

He, however, noted that the enterprises faced a host of difficulties due to surging production costs, including transportation and warehousing ones, and material prices.

Moreover, FDI groups like Samsung and Electronics scaling down their production of some items given the falling demand and China’s lockdown measures have also affected Vietnam’s production and export, Hai continued.

The Ministry of Industry and Trade will work harder to help businesses optimise signed free trade agreements (FTAs) in order to speed up export and boost consumption at home, maintain contacts with China and coordinate with other ministries, agencies and localities to ensure sustainable customs clearance at border.

It will also review and propose measures to cut taxes and fees, or solutions to support firms affected by the soaring prices of certain goods, he promised.