Vietnam’s $700 billion target in import-export revenue for 2023 is tough, considering the difficulties within the global market.

This is according to Vietnam’s Ministry of Industry and Trade (MoIT), which said that between January and October, the country’s import-export revenue hit $558 billion, a 9.6% fall year-on-year, with exports declining 7.1% and imports 12.3%.

As a result, the ministry believes it will be challenging to fulfil the objective for the year as a whole, as between now and the end of 2023, revenue needs to hit $71 billion among strong competition from global powers, a global economic recovery slowdown and heightened uncertainty.

Consequently, the ministry is implementing a series of measures to provide support to businesses in the promotion of exports, Vietnam Plus reports.

According to the head of the Vietnam Trade Office in the US, Do Ngoc Hung, the agency is aiming to bolster connections between local buyers and Vietnamese suppliers whilst helping with the selling of Vietnamese products within the United States’ distribution system.

Furthermore, Vice President and General Secretary of the Hanoi Association of Small and Medium-Sized Enterprises, Mac Quoc Anh, said that businesses are hopeful the State Bank of Vietnam and commercial banks will contemplate reducing conditions for borrowing by 50% and apply just basic conditions; this would help businesses access loan facilities more easily.

Anh went on to add that the priority now is to “warm up” overall demand to help enterprises reduce their inventories and boost cash flow for production and business activities, the Vietnam Plus report continues.

He encouraged firms to become more active in connections and promotion initiatives throughout the country in a bid to bolster consumption.