Agricultural and seafood exports were expected to reach $27.5 billion, representing a 5.4 per cent year-on-year increase; material and minerals $5.1 billion, up 6 per cent; and processing $196.1 billion, up 12.5 per cent.

Speaking at the press meeting held in Ha Noi on Wednesday, Hai said Viet Nam’s exports had surpassed its set targets so far this year.

By the end of September, 26 products had achieved export turnover of more than $1 billion. Of these, eight items had export turnover of over $5 billion and another five posted $10 billion export turnover in the first nine months of the year.

For example, exports of mobile phones and spare parts reached $36.13 billion, garments and textiles $22.56 billion and computer and electronic spare parts $21.65 billion.

Notably, exports of domestic companies continued to see a high growth rate. In the January-September period, the local firms earned $51 billion from exports, posting a 17 per cent year-on-year rise.

“The exports in the period showed the positive growth results of domestic enterprises,” he added.

12 loss-making projects handled in 2020

Duong Duy Hung, head of the ministry’s Planning Department, said the country aimed to basically resolve difficulties for the 12 loss-making projects and would completely handle them by 2020.

Hung said the handling of all of the projects saw positive signs after the National Assembly promulgated the Resolution 33 in November 2016 and the Prime Minister’s Decision in September 2017 to resolve the projects’ difficulties.

Accordingly, DAP1 Dinh Vu in Hai Phong City and the Viet Nam-China Steel Plant reported profits of VND147.6 billion and VND527.4 billion respectively in the first eight months of the year.

Another four projects which have resumed their operation but still reported losses had plans to reduce costs and re-arrange production. Some production lines of PVTEX Dinh Vu came into operation in April. It would operate all production lines in the upcoming time.

He said the two bio-fuel plants of Dung Quat and Binh Duong, and Phuong Nam Paper Plant have also been ready to restart their operations.

Regarding existing problems, he said there were eight projects facing the disputes in EPC contracts but having been slow to be solved.

Deputy Minister Hai said the ministries of Industry and Trade and Finance used VND5.5 trillion from the price stabilisation fund as subsidies to keep retail prices stable.

In the latest price adjustment, petrol prices were increased by VND700 per litre following the surge in the world market.

“With the hike in the world market, the retail petroleum price would be increased by over VND1,000 per litre. However, it was increased by VND700 per litre thanks to the price stabilisation fund,” he said, adding that this was benefit brought by the fund.

As of September 25th, the fund balance was VND3.1 trillion. He said that the operation of the fund has been effective in regulating petroleum prices, contributing to control prices of commodities, thereby helping stabilise the market and controlling inflation.

He noted that the retail petrol prices in the upcoming time would depend on the world price and the balance of the price stabilisation fund.