Foreign trade value seen exceeding US$500 billion this year

Vietnam is expected to enjoy a high trade surplus for the fourth consecutive year and its import-export revenue may surpass US$500 billion this year, according to the Ministry of Industry and Trade.

 

At a regular press briefing by the ministry in Hanoi on December 12, Deputy Minister Do Thang Hai said that the country had a trade surplus of US$2.68 billion in 2016, US$2.7 billion in 2017 and US$7.58 billion last year. The figure may exceed US$9 billion this year.

In January-November this year, export revenue grew 8%, while import spending expanded 6.6% over the same period last year.

In the 11-month period, the total import-export turnover reached US$472 billion, nearly equal to the figure recorded last year (US$480.17 billion).

In addition, 32 export products reported revenue of over US$1 billion each in the period, including eight products with export revenue of more than US$5 billion each.

Domestic enterprises’ growth rate was 18.1%, double the country’s average and five times higher than that of foreign direct investment firms.

Hai reported that local enterprises had strived to produce high added value for exports.

According to Nguyen Cam Trang, deputy head of the Import-Export Department, under the Ministry of Industry and Trade, the ministry will continue expanding markets for local export products by enhancing the negotiation and signing of free trade agreements (FTAs).

To date, Vietnam has joined negotiations for the signing of 16 FTAs, with 12 already signed and coming into force.

Vietnamese enterprises have made use of opportunities ushered in by FTAs. For example, export revenues from new markets, such as Canada and Mexico, which are also members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, have grown well.

saigontimes

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