Vietnam striving to boost export growth over remainder of 2020
Vietnam exported goods with an estimated value of 99.36 billion USD in the first five months of 2020, a year-on-year decline of 1.7 percent. Export turnover of domestic businesses maintained double-digit growth, however, of 10.4 percent, reaching 33.3 billion USD.
Hanoi (VNA) - Vietnam exported goods withan estimated value of 99.36 billion USD in the first five months of 2020, ayear-on-year decline of 1.7 percent. Export turnover of domestic businessesmaintained double-digit growth, however, of 10.4 percent, reaching 33.3 billionUSD.
The outcome is considered a highlight of goodsexports since early in the year, especially given that the export turnover of theFDI sector fell 6.9 percent year-on-year due to the impact of COVID-19,according to trade experts.
The US remained Vietnam’s largest market in the firstfive months, with turnover of 24.6 billion USD, up 8.2 percent, followed byChina, the EU, ASEAN, Japan, and the Republic of Korea.
From January to May, Vietnam posted a tradesurplus of nearly 1.9 billion USD - a much better result than the trade deficitof 256 million USD in the same period last year.
The figure is encouraging amid the pandemic,which has seen restrictions placed on a number of trade activities at bordergates with China. Many other markets, like Europe, the US, ASEAN, and theMiddle East, meanwhile, have applied movement restrictions, affecting Vietnam’strade activities.
The Ministry of Industry and Trade said it hasconsidered the implementation of trade promotion methods to pave the way forfarm produce and processed food to go to China and India.
Furthermore, Vietnam is expected to ratify theEU-Vietnam Free Trade Agreement (EVFTA) on June 8 and this will create momentumfor national economic recovery and be a positive sign for exports in the time tocome.
Deputy Minister Cao Quoc Hung said his ministrywill prepare scenarios to develop markets according to groups of products with localadvantages, to make inroads into the EU and markets Vietnam has signed FTAswith./.
Vietnam’s export turnover increased by 4.7 percent year on year to nearly 83 billion USD in the first four months of 2020 despite an interruption to orders from key importers in Europe, American and Japan due to the COVID-19 pandemic.
Minister of Agriculture and Rural Development Nguyen Xuan Cuong has said that Vietnam is focusing on four measures to bolster wood and wooden product export growth this year.
The US was Vietnam’s leading export market in the first five months of the year, with export turnover of 24.6 billion USD, an 8.2 percent increase compared to last year.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
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.
Processing seafood for exports (Photo: VNA) 
