Exports set to exceed targets, says ministry
Exports set to exceed targets, says ministry
Exports are likely to exceed this year's target of US$109.5 billion, according to the Ministry of Industry and Trade.
They were worth $83.78 billion in the first nine months, a record high, as July and August figures surged above $10 billion.
In the same period, imports were worth $83.75 billion, a 6.6 per cent rise year-on-year, for a marginal trade surplus.
Exports of mobile phones and spares, computers, electronics and spares, fertilisers, electric cables, transport equipment and spares, and others saw strong growth.
The number of products of which exports exceeded $1 billion was 22, compared with 19 last year.
Exports by foreign-invested businesses were worth more than $46 billion, a nearly 38 per cent jump year-on-year.
Telephones and spares and cameras contributed more than $5.4 billion out of this.
Public companies saw exports fall by 0.6 per cent in the first nine months, according to the ministry.
Foreign firms imported goods worth $43.8 billion, while the figure for State-run companies was $39.8 billion.
Due to the continuing economic problems, many State-run companies suspended imports or scaled down or even stopped production.
The ministry said exports by public sector businesses were dropping, implying that measures to help them overcome the crisis have not proven effective enough.
Exports of leading products like garments and textiles, leather and footwear, and wooden products have remained sluggish due to the challenging situation faced by small and medium businesses.
A spokesperson for a large export business focused on Europe said orders from Germany have dropped by half this year.
It is tough to get orders from other traditional markets either, he said, adding that the situation is even worse for smaller businesses.
Another popular export product in the last few years that currently faces difficulties is fisheries.
More than 200 seafood-processing businesses have closed down this year. One of the reasons attributed to this is the increasing competitiveness of other exporting countries like India, Thailand, and the Philippines.
According to the Ministry of Industry and Trade, export of raw materials like crude oil, coal, and minerals accounted for nearly 10 per cent of total exports, while unprocessed and semi-processed agricultural products accounted for more than 20 per cent.
A large number of Vietnamese products are not directly exported to foreign countries but to companies that sell them under their brand names, according to the Trade Research Development Institute.
The country should produce value-added products by further strengthening support industries to achieve sustainable export growth.
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