The total merchandise export turnover was recorded at 63.2 billion USDin the first five months of this year, an increase of 7.3 percent overlast year's figure.
Meanwhile, the total import turnover reached 66.2 billion USD, recording an increase of 15.8 percent from last year.
TheFDI sector was overwhelmed by import-export activities, according tothe General Statistic Office (GSO). The export surplus of the FDI sectorkept the nation's trade deficit at 3 billion USD.
The FDI sectorexported 44.4 billion USD in the first five months, increasing by 12percent, and imported 39.7 billion USD, rising by 23.2 percent, to make atrade surplus of 4.7 billion USD.
The domestic sector exported18.8 billion USD, nearly a half of the FDI sector, and imported 26.5billion USD turnover, making a trade deficit of 7.7 billion USD.
According to GSO, the export products that have large values and high growth rate belonged to the FDI sector.
Telephonesand components exported 11.8 billion USD, increasing by 18.5 percent;electronic products, computers and spare parts exported 6 billion USD,increasing by 59.7 percent, while footwear exported 4.6 billion USD,increasing by 19.5 percent.
Some agricultural products in thedomestic sector recorded fairly high growth rates: cashew nuts earning817 million USD and increasing 25.6 percent; cassava and its productsearning 740 million USD, increasing by 47.5 percent.
GSO economicexperts expressed their concerns about the export of some key productsin the domestic sector, including agricultural and seafood products.
Thesetwo key export products declined in export turnover in the first fivemonths due to harsh competiveness in price and quality, said economicexperts.
Minister of Industry and Trade Vu Huy Hoang told Tin Tuc(News) newspaper that the country should focus on the sectors ofgarment and textile, footwear, and electronics.
In the agriculture sector, the minister suggested to seek markets for rice and seafood exports.
Relevantministries have made efforts to negotiate with other governmentsthrough government rice contracts, as well as by creating conditions forenterprises to negotiate with foreign private enterprises throughcommercial contracts, added the minister.
He noted that these efforts had given results, especially with the Philippines, Malaysia, and some other markets.
Talkingabout seafood exports, the minister expressed his hope that a freetrade agreement (FTA) with the Republic of Korea would take effect inthe last six months of this year.
Under the FTA, seafood products exported to their market will be taxed zero percent.
Earlier,ASEAN countries could export only 5,000 tonnes of shrimp a year to theKorean market, of that Vietnam exported some 2,500 tonnes, Hoangremarked, adding that once the FTA takes effect, Vietnam will be able toexport up to 10,000 tonnes in the first year and the volume willincrease by 1,000 tonnes in following years, which will offer largeopportunities for Vietnamese seafood exporters.
While the seafoodexport turnover reached 2.44 billion USD during the period, falling by12.1 percent, revenue from coffee was 1.19 billion USD, exporting577,000 tonnes, down 39.6 percent in volume and 38.2 percent inturnover. Tea exports reached 43,000 tonnes, hitting 70 million USD,down 2.5 percent in volume and 0.6 percent in turnover, while riceexports was 2.5 million tonnes, hitting 1.98 billion USD, down 7.4percent in volume and 10.7 percent in turnover. Crude oil exported 3.58million tonnes, earning 1.54 billion USD, decreasing 5.5 percent involume and 53.3 percent in turnover.
The import products that hadhigh values and created the 3 billion USD trade deficit were rawmaterials and fuels and materials, which served production activities,mainly processing and assembling for exports in the FDI sector.
Chinacontinues to be the largest exporter to Vietnam, with 19.5 billion USDin the first five months, increasing 19.1 percent. However, the Chinesemarket imported only 6.1 billion USD from Vietnam, becoming the countrythat has the largest bilateral trade deficit with Vietnam, with 13.4billion USD.
China has long been Vietnam's leading trade andinvestment partner. The transport fee to China is also much lower thanto other countries, and vice versa, said the minister.
To reducethe country's dependence on one market, the minister suggested thediversification of export markets by signing trade agreements,increasing domestic production, developing substitute industry forimporti products, as well as fighting smuggling through border gates.-VNA
Meanwhile, the total import turnover reached 66.2 billion USD, recording an increase of 15.8 percent from last year.
TheFDI sector was overwhelmed by import-export activities, according tothe General Statistic Office (GSO). The export surplus of the FDI sectorkept the nation's trade deficit at 3 billion USD.
The FDI sectorexported 44.4 billion USD in the first five months, increasing by 12percent, and imported 39.7 billion USD, rising by 23.2 percent, to make atrade surplus of 4.7 billion USD.
The domestic sector exported18.8 billion USD, nearly a half of the FDI sector, and imported 26.5billion USD turnover, making a trade deficit of 7.7 billion USD.
According to GSO, the export products that have large values and high growth rate belonged to the FDI sector.
Telephonesand components exported 11.8 billion USD, increasing by 18.5 percent;electronic products, computers and spare parts exported 6 billion USD,increasing by 59.7 percent, while footwear exported 4.6 billion USD,increasing by 19.5 percent.
Some agricultural products in thedomestic sector recorded fairly high growth rates: cashew nuts earning817 million USD and increasing 25.6 percent; cassava and its productsearning 740 million USD, increasing by 47.5 percent.
GSO economicexperts expressed their concerns about the export of some key productsin the domestic sector, including agricultural and seafood products.
Thesetwo key export products declined in export turnover in the first fivemonths due to harsh competiveness in price and quality, said economicexperts.
Minister of Industry and Trade Vu Huy Hoang told Tin Tuc(News) newspaper that the country should focus on the sectors ofgarment and textile, footwear, and electronics.
In the agriculture sector, the minister suggested to seek markets for rice and seafood exports.
Relevantministries have made efforts to negotiate with other governmentsthrough government rice contracts, as well as by creating conditions forenterprises to negotiate with foreign private enterprises throughcommercial contracts, added the minister.
He noted that these efforts had given results, especially with the Philippines, Malaysia, and some other markets.
Talkingabout seafood exports, the minister expressed his hope that a freetrade agreement (FTA) with the Republic of Korea would take effect inthe last six months of this year.
Under the FTA, seafood products exported to their market will be taxed zero percent.
Earlier,ASEAN countries could export only 5,000 tonnes of shrimp a year to theKorean market, of that Vietnam exported some 2,500 tonnes, Hoangremarked, adding that once the FTA takes effect, Vietnam will be able toexport up to 10,000 tonnes in the first year and the volume willincrease by 1,000 tonnes in following years, which will offer largeopportunities for Vietnamese seafood exporters.
While the seafoodexport turnover reached 2.44 billion USD during the period, falling by12.1 percent, revenue from coffee was 1.19 billion USD, exporting577,000 tonnes, down 39.6 percent in volume and 38.2 percent inturnover. Tea exports reached 43,000 tonnes, hitting 70 million USD,down 2.5 percent in volume and 0.6 percent in turnover, while riceexports was 2.5 million tonnes, hitting 1.98 billion USD, down 7.4percent in volume and 10.7 percent in turnover. Crude oil exported 3.58million tonnes, earning 1.54 billion USD, decreasing 5.5 percent involume and 53.3 percent in turnover.
The import products that hadhigh values and created the 3 billion USD trade deficit were rawmaterials and fuels and materials, which served production activities,mainly processing and assembling for exports in the FDI sector.
Chinacontinues to be the largest exporter to Vietnam, with 19.5 billion USDin the first five months, increasing 19.1 percent. However, the Chinesemarket imported only 6.1 billion USD from Vietnam, becoming the countrythat has the largest bilateral trade deficit with Vietnam, with 13.4billion USD.
China has long been Vietnam's leading trade andinvestment partner. The transport fee to China is also much lower thanto other countries, and vice versa, said the minister.
To reducethe country's dependence on one market, the minister suggested thediversification of export markets by signing trade agreements,increasing domestic production, developing substitute industry forimporti products, as well as fighting smuggling through border gates.-VNA
