Exports will be one of the key factors to help Vietnam achieve an economic growth rate of 6.7 pct in 2017, but the sector still faces many challenges, according to the Market Intello research company.
Hanoi (VNA) – Exports will be oneof the key factors to help Vietnam achieve an economic growth rate of 6.7percent in 2017, but the sector still faces many challenges, according to the MarketIntello research company.
At present, Vietnamese products areavailable in 200 nations and territories across the world. Among them, 28markets recorded export revenues of over 1 billion USD in 2016, with the total of160.8 billion USD, accounting for 91 percent of the nation’s goods exportturnover.
Compared with statistics in 2015, with only868.8 million USD, South Africa left the list of over 1-billion-USD markets. Thenumber of the markets decreased, while the export turnovers of the five leadingmarkets surged.
The figures showed that Vietnam is strugglingin its goal to diversify its export markets.
Meanwhile, export revenues offoreign-invested enterprises increased rapidly, with average annual growth of21.3 percent in the last five years, higher than the country’s average growthrate of 12.7 percent.
Last year, the foreign direct investmentsector’s exports accounted for 72 percent of the country’s total exportturnover, or twice that of domestic enterprises.
Market Intello also noted that globalpolitical and economic changes have affected Vietnam’s export activities.
Its experts said that these challenges,together with unpredictable political developments in many developing nationsand the US’s trade policy, require the government and international tradepromotion offices to devise measures to ensure sustainable export growth.
Vietnam should focus on consolidatingmarkets with high growth rates like the US and Europe, while developing marketsit has free trade agreements with, such as China, the Republic of Korea, Russiaand Japan.
They also suggested the country use moretechnology and develop brand names of Vietnamese enterprises.-VNA
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
