VN hits $210b in total export value
VN hits $210b in total export value
Viet Nam is expected to achieve a year-on-year increase of 18.9 per cent in total export value in 2017, reaching US$210 billion, according to the Ministry of Industry and Trade (MoIT).
This figure is possible because recovery in global trade activities at present has had a positive effect on domestic goods production and Viet Nam’s goods exports, said the ministry.
To ensure sustainable development of national exports, the ministry will continue closely following markets at home and abroad, creating a fair competitive environment, and protecting the benefits of domestic production sectors, especially steel, auto, fertiliser and chemicals. Those tasks are aimed at increasing productivity, reforming economic structures and improving competitive ability.
Additionally, the ministry will promote development of export markets, take advantages of free trade agreements and actively deal with trade protection and technical barriers in export markets.
The ministry will also promote support for industrial enterprises in applying quality management systems for production and science and technology for improving production and competitive ability and quality.
Export growth
According to MoIT, Viet Nam gained year-on-year growth of 20.7 per cent to $173.7 billion in the first 10 months, exceeding the ministry’s forecast in the early part of this year. Especially, the nation achieved a trade surplus of $1.23 billion in the January-October period.
The strong growth in exports was partly due to great increases in the export value of processed and assembled products from foreign-invested enterprises, the ministry said.
The ministry’s Export and Import Department said foreign direct investment enterprises had total export value of $125.5 billion in the first 10 months, 22.1 per cent higher than the same period last year.
Meanwhile, the domestic economic sector also saw a year-on-year surge of 17.2 per cent in export value during the first 10 months to $48.2 billion. This was good news because over the past few years, the sector often had low growth in exports and even a reduction in exports some months.
The nation exported 5.05 million tonnes of rice in the first 10 months of the year, earning $2.25 billion. The exports marked a year-on-year increase of 22.3 per cent in volume and 21.1 per cent in value, supporting the rice production sector’s strong growth this year against a reduction in rice exports last year, the ministry said.
In the first 10 months, export value also showed an increase of 29.7 per cent for the group of fuel and minerals and 21.9 per cent for the processing industrial sector in comparison with the same period last year.
The ministry said the national import value in the first 10 months managed a year-on-year increase of 22 per cent to $172.5 billion. It said the import value was lower than previous months because large groups and enterprises promoted imports for large projects. They basically completed those projects so pressure of imports will reduce by the year end.
