This was announced at an online briefing of the Ministry of Industry and Trade (MoIT) on August 6.

The Ministry asked departments and associations to help businesses through hard times, deal with large inventories and stabilise production.

In July, exports reached $9.6 billion, 2.9 per cent lower than June and 2.1 per cent higher than last July. However, seven-month export earnings rose by $10.1 billion to nearly $63 billion, up 19 per cent over the same period last year.

Such high export growth is attributed to major efforts by foreign direct investment (FDI) businesses who grew by $10 billion (exclusive of crude oil) in revenue.

The director of the Ho Chi Minh City Industry and Trade Department, Tran Van Nhung, said, the agro-forestry-fishery production and processing for export of FDI businesses accounts for a higher proportion than that of domestic businesses as the latter are still focused on boosting exports in volume rather than in value.

Despite an increase of 22 per cent in output, the price of rubber in the reviewed period dropped sharply and is predicted to plunge further in the remaining months of this year.

The Vietnam Rubber Association asked relevant agencies to consider the exemption or deferment of export tax rates for some kinds of natural rubber to encourage businesses to boost production.

The association also proposed exempting the use of nylon bags in packaging rubber products from environmental protection taxes.

Deputy Minister of Industry and Trade Nguyen Thanh Bien said the price of agricultural products has reduced by 20-40 per cent. Meanwhile, there is an unexpected fluctuation in the global price of rice.

In July alone, Vietnam’s rice exports dropped by 2 per cent in volume and 9 per cent in price due to fierce competition from Indian, Pakistani and Myanmar rice exporters.