MoIT celebrates soaring export turnover in 2018
MoIT celebrates soaring export turnover in 2018
The $245 billion in total export turnover and 29 export categories exceeding the $1 billion threshold are touted as a major success for the Ministry of Industry and Trade (MoIT).
The rosy export picture was highlighted as one of the achievements of the MoIT in 2018 at the review meeting held on January 17.
Notably, last year, Vietnam’s total export turnover reached $245 billion, up 13.8 per cent on-year and exceeding the target set by the National Assembly and the government. 29 goods categories reached $1 billion in turnover, with five categories hitting $5 billion and five others $10 billion.
Vietnam’s export markets expanded and now Vietnamese goods are present in almost all markets of the world. Numerous goods categories have set a solid foothold in key markets, including Europe, the US, Japan, and Australia. Especially, Vietnam saw an increase in export turnover in markets it signed free trade agreements (FTAs) with, including an increase of 23.2 per cent in South Korea, 13.7 per cent in the ASEAN, and 12.9 per cent in Japan.
In addition, the export turnover of local companies also increased and even exceeded the turnover of foreign-invested companies. Notably, in 2018, local companies exported $69.2 billion, up 15.9 per cent on-year and 12.9 per cent higher than the export turnover of foreign-invested companies.
The export performance played an important role in GDP growth, while simultaneously generating jobs and finding markets for farmers' output. The trade surplus also helped to increase foreign exchange reserves, creating a stable backdrop for the exchange rate and the economy.
“The MoIT expects that in 2019 the export turnover may reach $265 billion, up 8-10 per cent on-year. Meanwhile, the import turnover may be $268 billion, up 11.7 per cent. The trade surplus is estimated at $3 billion,” said Hoang Quoc Vuong, Deputy Minister of Industry and Trade.
Speaking at the meeting, Prime Minister Nguyen Xuan Phuc said that whether Vietnam can become a tiger or a dragon of Asia will depend on the contribution of the industry and trade sectors.
