Illustrative photo (Photo: //customsnews.vn) Hanoi (VNA) – Vietnam’s export turnover is likely to reach 236.6billion USD in 2018, an increase of 10 percent against the previous year, amidfavourable domestic and foreign economic conditions, say analysts.
The first half of this year ended with positive export outcomes, creating agood momentum for the country to enjoy trade surplus for the rest of the year,they said, adding that more orders in the remaining quarters of the year willgive a boost to exports.
According to Tran Thanh Hai, deputy head of the Import-Export Department underthe Ministry of Industry and Trade (MoIT), Vietnam earned 113.93 billion USDfrom exports in the first six months of 2018, up 16 percent year-on-year.
Of the sum, more than 33.1 billion USD came from the shipment of domesticenterprises, an annual rise of 19.9 percent, while the remaining came from the foreigninvested sector (including crude oil), up 14.5 percent.
As many as 20 key sectors enjoyed an export turnover of over 1 billion USD,including five in the agro-fisheries sector, Hai said.
Notably, it was the sectors of telephones and spare parts; computers;electronic products and components; garments; machinery; and footwear that continuedto be the leading foreign currency earners.
He added that the export structure is continuing to shift in a positivedirection in line with the roadmap for the implementation of the commodityimport-export development strategy for 2011-2020 with orientation towards 2030.
However, the export of raw products and mineral industries has graduallydeclined, accounting for only 1.9 percent of total export value, compared tothe 2.5 percent recorded in the same period last year.
Meanwhile, the proportions of the processing and manufacturing industries andagro-fisheries sector have been improving, hitting 11.8 percent and 81.9percent respectively, compared to 12.5 percent and 80.2 percent in 2017.
Hai said that recently, Vietnam has made good use of tariff preferences in signedfree trade agreements (FTA) to expand its export market. This was reflectedthrough the country’s export turnover increasing 9.2 percent to the US, 12.3percent to the EU, 28 percent to China, 31.8 percent to the Republic of Korea,and 17.4 percent to ASEAN.
In particular, Vietnam saw impressive export growth in several markets such asIndia (96.6 percent), Iraq (27.9 percent), Ukraine (22.4 percent), and Russia(25.4 percent).
Hai further said that the country’s import value reached 111.22 billion USD inthe first half of the year, representing a year-on-year rise of 10 percent.
Of the figure, 46 billion USD was spent by domestic businesses, an increase of12.9 percent, while the remaining by foreign enterprises, up 8.1 percent.
Notably, the country enjoyed a trade surplus of about 2.7 billion USD in theperiod, accounting for nearly 2.4 percent of total export revenue.
The foreign direct investment (FDI) sector’s trade surplus reached 15.7 billionUSD (excluding crude oil) while domestic business ran a trade deficit of 12.9billion USD.
According to trade experts, these outcomes indicated that tensions in tradeties among nations and the risk of a global trade war in the first months ofthis year did not have a significant impact on Vietnam’s export.
Duong Duy Hung, head of the MoIT’s Planning Department, attributed the resultsto business climate improvements, renovations in supporting startups, andincreasing registered foreign investment.
Together with benefiting from the signed FTAs, Vietnam sees great prospects forexport growth in the time to come as many key products, especially in the processingindustry, have received orders by the end of third quarter and for the remainderof the year, he said.
However, Hung also pointed out barriers to Vietnam’s export business as increasingprotectionism around the world is placing industrial products at risk of facingtrade defence measures.
In addition, many agricultural products and minerals are unlikely to have highergrowth in export volume, while some others fail to tap their full processingcapacity due to a lack of materials, he added.
In the remaining months of the year, Hung said the MoIT will persistentlyimplement measures to remove difficulties for production, create supplies forexport, and expand export markets.
It will continue focusing on improving the efficiency of coordinationmechanisms among ministries, agencies, localities, associations, and businessesto create more synchronous connections in dealing with problems arising ininternational trade, he stated.
Together with making basic changes in trade promotion work, the MoIT will boostinstitutional reform, perfect the legal framework, renovate the State’smanagement and organisation of apparatus, and improve the investment andbusiness environment in order to mobilise resources for production.
Hung also emphasised the need to provide high-quality materials for production,increase the added value of goods, and create products that meet both local qualityand food safety standards, as well as the requirements of import markets.
The ministry will continue to research, forecast, and offer warnings of tradedefence measures applied to Vietnam’s exports, and take concrete, resolutemeasures to clear obstacles for businesses, helping them boost production,exports, and market development.
It will seekpossibilities to expand new potential export markets while consolidating andincreasing market shares in traditional markets, especially those of FTApartners, together with implementing international integration commitments, henoted. -VNA
The first half of this year ended with positive export outcomes, creating agood momentum for the country to enjoy trade surplus for the rest of the year,they said, adding that more orders in the remaining quarters of the year willgive a boost to exports.
According to Tran Thanh Hai, deputy head of the Import-Export Department underthe Ministry of Industry and Trade (MoIT), Vietnam earned 113.93 billion USDfrom exports in the first six months of 2018, up 16 percent year-on-year.
Of the sum, more than 33.1 billion USD came from the shipment of domesticenterprises, an annual rise of 19.9 percent, while the remaining came from the foreigninvested sector (including crude oil), up 14.5 percent.
As many as 20 key sectors enjoyed an export turnover of over 1 billion USD,including five in the agro-fisheries sector, Hai said.
Notably, it was the sectors of telephones and spare parts; computers;electronic products and components; garments; machinery; and footwear that continuedto be the leading foreign currency earners.
He added that the export structure is continuing to shift in a positivedirection in line with the roadmap for the implementation of the commodityimport-export development strategy for 2011-2020 with orientation towards 2030.
However, the export of raw products and mineral industries has graduallydeclined, accounting for only 1.9 percent of total export value, compared tothe 2.5 percent recorded in the same period last year.
Meanwhile, the proportions of the processing and manufacturing industries andagro-fisheries sector have been improving, hitting 11.8 percent and 81.9percent respectively, compared to 12.5 percent and 80.2 percent in 2017.
Hai said that recently, Vietnam has made good use of tariff preferences in signedfree trade agreements (FTA) to expand its export market. This was reflectedthrough the country’s export turnover increasing 9.2 percent to the US, 12.3percent to the EU, 28 percent to China, 31.8 percent to the Republic of Korea,and 17.4 percent to ASEAN.
In particular, Vietnam saw impressive export growth in several markets such asIndia (96.6 percent), Iraq (27.9 percent), Ukraine (22.4 percent), and Russia(25.4 percent).
Hai further said that the country’s import value reached 111.22 billion USD inthe first half of the year, representing a year-on-year rise of 10 percent.
Of the figure, 46 billion USD was spent by domestic businesses, an increase of12.9 percent, while the remaining by foreign enterprises, up 8.1 percent.
Notably, the country enjoyed a trade surplus of about 2.7 billion USD in theperiod, accounting for nearly 2.4 percent of total export revenue.
The foreign direct investment (FDI) sector’s trade surplus reached 15.7 billionUSD (excluding crude oil) while domestic business ran a trade deficit of 12.9billion USD.
According to trade experts, these outcomes indicated that tensions in tradeties among nations and the risk of a global trade war in the first months ofthis year did not have a significant impact on Vietnam’s export.
Duong Duy Hung, head of the MoIT’s Planning Department, attributed the resultsto business climate improvements, renovations in supporting startups, andincreasing registered foreign investment.
Together with benefiting from the signed FTAs, Vietnam sees great prospects forexport growth in the time to come as many key products, especially in the processingindustry, have received orders by the end of third quarter and for the remainderof the year, he said.
However, Hung also pointed out barriers to Vietnam’s export business as increasingprotectionism around the world is placing industrial products at risk of facingtrade defence measures.
In addition, many agricultural products and minerals are unlikely to have highergrowth in export volume, while some others fail to tap their full processingcapacity due to a lack of materials, he added.
In the remaining months of the year, Hung said the MoIT will persistentlyimplement measures to remove difficulties for production, create supplies forexport, and expand export markets.
It will continue focusing on improving the efficiency of coordinationmechanisms among ministries, agencies, localities, associations, and businessesto create more synchronous connections in dealing with problems arising ininternational trade, he stated.
Together with making basic changes in trade promotion work, the MoIT will boostinstitutional reform, perfect the legal framework, renovate the State’smanagement and organisation of apparatus, and improve the investment andbusiness environment in order to mobilise resources for production.
Hung also emphasised the need to provide high-quality materials for production,increase the added value of goods, and create products that meet both local qualityand food safety standards, as well as the requirements of import markets.
The ministry will continue to research, forecast, and offer warnings of tradedefence measures applied to Vietnam’s exports, and take concrete, resolutemeasures to clear obstacles for businesses, helping them boost production,exports, and market development.
It will seekpossibilities to expand new potential export markets while consolidating andincreasing market shares in traditional markets, especially those of FTApartners, together with implementing international integration commitments, henoted. -VNA
VNA
