The projected growth rate is less than half of the 29.5 percent rise in export revenues this year. MoIT Minister Vu Huy Hoang explained that as the world’s financial crisis is spreading with no signs of ending in sight, its impacts on Vietnam ’s economy will be stronger than previously expected. 
 
The export sector will be particularly affected by the world economic recession when production and consumption forcing many countries to increase protection of their domestic businesses and limit import. 
 
Even with such a modest target, the ministry will still have to do its utmost to boost export. 
 
At the same time, the State Bank of Vietnam and the Finance Ministry and relevant agencies will join hands to apply a more flexible exchange rate which will facilitate export activities. 
 
They will also apply financial policies, including tax reduction and exemption to assist enterprises. 
 
Trade promotion programmes will continue to focus on such potential markets as Africa, Latin America and EU. 
 
The Government and the MoIT plan to accelerate the signing of bilateral and multilateral agreements with other countries to establish free trade areas. 
 
Together with boosting export, measures to curb import surplus, including tighter checks of quality of import goods and technical barriers, will be carried out. 
 
In 2008, Vietnam ’s exports hit a record of nearly 63 billion USD, representing a year-on-year increase of 29.5 percent, higher than the import growth rate of 27.5 percent. Meanwhile, trade deficit stood at 17 billion USD, 3 billion USD less than the set target for the year. 
 
The good performance has helped ensure foreign currency reserves and monetary balance at macro level.